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In Association With ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKITOMORROW’S LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHENTITANS GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTIIN ASSOCIATION GUILLAUME RAMBOURG WITH GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI TOMORROW'S TITANS IN ASSOCIATION WITH Tomorrow's Titans 2012 Introduction potting the talent of tomorrow is not a come from, the large hedge funds. Louis Bacon’s of new hedge funds, but is not publicly disclosed as voluntary entertainment. It is a constant bane Moore Capital; David Tepper’s Appaloosa; Chris having invested in them. S of the life of the allocator, because yesterday’s Shumway’s eponymous one; Paul Tudor Jones’ star managers become inaccessible, either due Tudor Investments and Donald Sussman’s Paloma The nominations were dominated by classic or to hard closing or voluntarily returning capital to Partners are all adept at identifying star hedge fund traditional hedge fund strategies: macro, event investors, in many cases after delivering excellent managers, and giving them a helping hand. driven, credit and long short equity. “Alternatives to returns to their investors. Many others are either alternatives” may be starting to make its presence soft closed or hard closed, which generally makes felt, at least in the form of two direct lending them hard to access in the substantial size that managers that made it into the final list. Their pension funds – key sources of inflows – require. success is likely a symptom of the banks stashing Some managers have also fallen by the wayside due cash at central banks and shying away from making to lacklustre numbers. real loans to the real economy. This is clearly an area where hedge funds are filling a crucial gap in the Ernst & Young, a leading global organization Sourcing our 2012 names wake of the hangover after the credit crisis. of service providers for start-ups and Aside from our own research, buy side and sell side established hedge funds for over 25 years is alike contributed nominations to the survey. The proud to sponsor this report for the second Reflecting the geographic split of hedge fund prime brokerage capital introduction networks are year. We congratulate the talented industry assets, it is predictable that New York and London naturally a strong source of market intelligence. So leaders chosen by The Hedge Fund Journal dominate the office locations. Equally within Europe too are some funds of funds, although increasingly as Tomorrow’s Titans. In today’s challenging it is possible to discern something of a growing institutional allocators are dealing direct, making it economic and financial environment, it is trend towards more tax friendly locations, with imperative for us to talk to pension funds, insurance all-the-more important to recognize some two managers in this survey now located in the of the gifted hedge fund managers who are companies, family offices, endowments and exquisite enclave of Monaco, wedged between helping to shape the industry. That these foundations. France and Italy. Asia has raised its game to the managers have found so much success in these challenging times is a testament to their tune of one or two extra names, simply because Investment banks supply a number of the aptitude and professionalism. the Asia Pacific region now numbers an expanding nominations, accelerated by new regulations in tally of multi-billion dollar managers. Notably some the US and in Europe that are hastening the banks’ For over two decades, Ernst & Young has individuals who were global heads of core functions withdrawal from proprietary trading activities. If the helped many hedge fund firms grow from at investment banks have chosen to locate their new Volcker rule, embodied in the Dodd-Frank legislation, start-ups to become some of the leading funds in Asia, with Hong Kong and Singapore so far is critical in the United States, then it may be that global organizations. We are proud that we the financial centres of choice. currently audit approximately 40% of the top higher capital requirements ushered in by Basel III 100 Global Billion Dollar Club hedge funds and will impact in Europe. The GSPS (Goldman Sachs provide tax services to about half of them. We Manager locations Principal Strategies) group seems to be a perennial audit more than 50% of the top 19 European At the final count the geographic distribution of the source of new managers, while it lasts! funds and top 25 Asian funds by
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