March 2011 Hedgeweek Awards 2011 Coverline 1 Coverline 2 Coverline 3 C o n t e n t S In this issue… 03 Hedgeweek Awards 2011 28 India Capital Management results Best Absolute Return Fund 04 Milestones on the road to 29 JP Fund Administration recovery Best Offshore Hedge Fund Administrator By Simon Gray 31 Linedata 05 Agecroft Partners Best Fund Accounting and Reporting System Best Third-Party Marketing Firm 32 Lyxor Asset Management 06 Alceda Fund Management Best Managed Account Platform Best Ucits platform 33 Ogier 09 Alcentra Best Offshore Law Firm Best Distressed Securities Manager 36 Peregrine Communications 12 Audley Capital Best European PR Firm Best Event-Driven Manager 37 Prime Fund Solutions 13 Capital Support Best European Fund Administrator Best Managed Account Platform Technology 38 Capital returns as investors 15 Learning to live with the AIFMD regain confidence By Simon Gray By Simon Gray 16 Custom House Group 40 PVE Capital Best Asian Hedge Fund Administrator Best Multi-Strategy Manager 17 Dalton Strategic Partnership 42 Sabre Fund Management Best Long Short Equity Manager Best Market Neutral Fund 21 Deutsche Bank 43 Sidley Austin Best Ucits-Compliant Product Best North American Law Firm 24 IMQubator 45 Simmons & Simmons Best Seeding Platform Best European Law Firm 25 IMS Group 46 Venus Capital Best North American Regulatory Adviser & Best Relative Value Manager Best European Regulatory Adviser Publisher Special Reports Editor: Simon Gray, [email protected] Sales Managers: Simon Broch, [email protected]; Malcolm Dunn, [email protected] Publisher & Editorial Director: Sunil Gopalan, [email protected] Graphic Design: Siobhan Brownlow, [email protected] Photographs: Kate Stanworth Published by: GFM Ltd, 1st Floor, Liberation Station, St Helier, Jersey JE2 3AS, Channel Islands Tel: +44 (0)1534 719780 Website: www.globalfundmedia.com AWARDS 2011 ©Copyright 2011 GFM Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Hedgeweek AwArds Special Report Mar 2011 www.hedgeweek.com | 2 R e S u lt S AWARDS 2011 The winners The Hedgeweek Awards for excellence among hedge fund managers and service providers have recognised the increased focus on transparency, consistency and depth of expertise in the new investment climate. The awards, presented on 3rd March by actress Cherie Lunghi at a lunch in Mayfair, were decided by the votes of Hedgeweek’s nearly 41,000 subscribers, who include individual and institutional investors as well as managers and other industry professionals at firms including fund administrators, prime brokers, custodians and advisers. The 2011 Hedgeweek Awards reflect the industry’s recovery from its difficulties in 2008 and early 2009 as stability in performance has returned and capital inflows l Best Absolute return Manager: have helped assets under management to recover the India Capital Management record levels seen nearly three years ago. l Best Offshore Law Firm: Ogier The winners of the Hedgeweek Awards 2011 are: l Best Managed Account Platform Technology: l Best Multi-strategy Manager: PVE Capital Capital Support l Best event-driven Manager: l Best North American regulatory Advisory Firm: Audley Capital Advisors IMS l Best distressed securities Manager: Alcentra l Best european regulatory Advisory Firm: IMS l Best european Accounting Firm: Ernst & Young l Best Asian Prime Broker: l Best Ucits Platform: Alceda Fund Management Deutsche Bank Global Prime Finance l Best european Hedge Fund Administrator: l Best global Macro Manager: Finles Prime Fund Solutions l Best specialist Fund of Hedge Funds Manager: l Best Fixed-Income Manager: Pluscios Management Danske Invest Hedge Fixed Income Strategies l Best Third-Party Marketing Firm: l Best North American Hedge Fund Administrator: Agecroft Partners GlobeOp Financial Services l Best european Public relations Firm: l Best european Law Firm: Simmons & Simmons Peregrine Communications l Best Long/short equity Manager: l Best relative Value Manager: Dalton Strategic Partnership Venus Capital Management l Best Ucits-Compliant Product: Deutsche Bank l Best european Prime Broker: Newedge Group l Best Fund Accounting and reporting systems: l Best Managed Accounts Platform: Linedata Lyxor Asset Management l Best Offshore Advisory Firm: Carne Group l Best risk Management software: PerTrac l Best seeding Platform: IMQubator l Best North American Law Firm: Sidley Austin l Best Asian Hedge Fund Administrator: l Best North American Accounting Firm: Custom House Global Fund Services Anchin, Block & Anchin l Best Managed Futures CTA: l Best North American Prime Broker: Capricorn Asset Management Morgan Stanley l Best diversified Fund of Hedge Funds Manager: l Best North American Public relations Firm: Lazard Asset Management MacmillanCommunications l Best Convertible Arbitrage Manager: l Best Credit Manager: MKP Capital Management Lazard Asset Management l Best Market Neutral Manager: These awards are given by GFM Ltd and do not certify any statutory compliance in any jurisdiction nor offer any assurance about the future Sabre Fund Management performance of any company, product or service. The awards are based on the votes of Hedgeweek readers according to a range of their own criteria including l Best Offshore Hedge Fund Administrator: product design and innovation, skills and experience, and quality of client JP Fund Administration service. Past investment performance is no guarantee of future results. Hedgeweek AwArds Special Report Mar 2011 www.hedgeweek.com | 3 o v e R v i e w Milestones on the road to recovery By Simon Gray The second edition of the Hedgeweek the slump in confidence it suffered in 2008 Awards for excellence among hedge fund and early 2009. The renewed stability of managers and service providers comes performance has been rewarded by capital at a time when the outlook is starting to inflows, especially from institutional investors, look brighter for the hedge fund industry that in turn have helped assets under following the difficulties of the past few management to return to the record levels years. Performance in 2010 was in most seen nearly three years ago. cases unspectacular but solid, delivering on Last year hedge funds returned just over the industry’s promise to provide consistent 10 per cent, according to most established returns and protect capital whatever the state industry index providers, after the roller- of traditional asset markets, and it appears coaster ride in which the sector lost roughly that this pattern is continuing into the early 20 per cent in 2008, then gained a similar months of 2011. amount the following year. Their 2010 The results of this year’s Hedgeweek performance also enabled many managers Awards are conditioned by the increased who had not done so before to resume focus on transparency, consistency and earning performance fees, an important step depth of expertise in the new investment in restoring stability to their business. climate, but also the industry’s recovery from The return to ‘normal’ levels of 7 Hedgeweek AwArds Special Report Mar 2011 www.hedgeweek.com | 4 AG e CR o F t Par t n e rs Agecroft Partners Best third-Party Marketing Firm Agecroft Partners specialises in consulting credibility of the managers it represents – and third-party marketing for hedge funds. investors know that only very high-quality Its objective is to raise assets globally for funds are represented. “Our research process institutional quality hedge fund managers by involves screening 2,000 managers each utilising a consultative approach within the year,” Steinbrugge says. “Usually we add institutional investor community. about two new managers a year, and we are The firm was founded by Don currently actively looking to replace one of our Steinbrugge, who has 26 years of experience managers who recently reached capacity.” in the institutional investment management Typically, Agecroft represents large, well- industry. The five senior professionals established hedge funds with strong track at the firm pride themselves on having Don Steinbrugge, founder, records and investment teams, although they strong investment and industry knowledge, Agecroft Partners will represent a few emerging managers. giving them significant credibility with large Says Steinbrugge: “Currently we represent institutional investors. The partners average six hedge funds with an average size of over 16 years of industry experience, and USD2bn in assets under management, one four of the five partners have previously is located in Hong Kong, two in London worked for multi-billion-dollar alternative and three in the US. All of the strategies are investment firms. complementary.” Agecroft is highly selective of the firms Each client receives tailor-made marketing it represents. As a result it utilises an to help its business grow effectively. “We try institutional-quality due diligence process in to be more than just your typical hedge fund manager selection. This begins by leveraging sales organisation,” Steinbrugge says. “With its industry-leading reputation to attract our managers we’re continuously providing high-calibre managers requiring marketing feedback to portfolio managers following support. The firm’s approach to selecting any meetings with potential investors and managers