Europe 50

Europe’s largest single

managers ranked by AUM

I N A S S O C I AT I O N W I T H
EUROPE50
The Europe 50
Introduction
BILL McINTOSH
W
elcome back to the fifth annual snapshot of
the top 50 European hedge fund managers
ranked by single manager assets under
management at the mid-way point of 2010. It is our
belief that sourcing and publishing data about hedge
funds serves an important function for investors
and the asset management industry generally. The
willingness of hedge fund managers to disclose such
basic data has grown as investors have demanded
more transparency. Indeed, The Hedge Fund Journal
got unprecedented cooperation from firms across
Europe in compiling the 2010 survey.
The year began positively for hedge funds with a
continued broad recovery in risk asset prices from the
downturn that began in mid-2008 and ran through
early 2009. This provided a breather for many hedge
fund firms to rebuild assets, restructure operating
costs and refine approaches to portfolio and risk
management. The abrupt reversal in risk asset prices
since May has cost most hedge funds performance
gains, assets and operating profits. Yet the total
assets under management for Europe50 firms still
rose 11% to $300 billion from $271 billion in our 2009
survey, although this figure is well short of the $366
billion recorded in early 2008.
The survey’s aggregate figures evidence a gradual
recovery. Yet they also hide an essential truth: the
very biggest firms are drawing in new assets while
smaller firms are struggling to retain assets. Thus
Brevan Howard, which claimed the top spot for
the first time in 2009 consolidated its number one
status with an impressive 23% rise in AUM to $31.54
billion. Man Investments, despite a 4% slip in AUM,
retained its 2nd place rating with assets of $24.3
billion while it continued to await regulatory approval
for its proposed acquisition of GLG Partners, down
to 7th from 4th with AUM of $12.1 billion. Among
the largest hedge fund shops, the kudos for the
biggest growth in assets goes to BlueCrest Capital
Management where AUM leapt 58% to $20.5 billion.
One simple calculation illustrates clearly how the
biggest firms are pulling away from their smaller
peers. The top five firms had mid-2010 aggregate
AUM of $112 billion, a rise of almost 18% from the
same aggregate figure in early 2009. However, the
capital held by the 10 smallest firms in the survey,
beginning with newcomer Tyrus Capital in 41st,
declined to $14 billion from $15 billion in early 2009.
Much anecdotal evidence suggests that the flight
to size is having an even more pronounced impact
on the hundreds of smaller firms that fall below the
threshold for inclusion in the Europe50. What’s more,
the tough environment for capital raising and the cost
of regulatory changes is likely to crimp the emergence
of new funds for some years to come.
The liquidity, perceived brand value and high levels of
infrastructure associated with the biggest hedge fund
2
managers continue to attract investors. This has seen
a flight of capital from the smallest firms, something
that is shown by the decline in assets among the
lower ranks in the Europe50. In 2008, for example,
Adelphi Capital needed almost $2.3 billion to be in the
50th slot. A year later the amount Centaurus Capital
needed for the final position fell to $1.5 billion. This
year the final ranking belongs to RAB Capital with
AUM of $1.08 billion. As firms have lost assets the
years of expansion have given way to a prolonged
period of downsizing. This trend has reached even
the biggest firms as both Brevan Howard and Man
Investments restructured costs last year. Though the
hedge fund industry looks to have stabilised in 2010,
most firms are refraining from expanding into new
areas or adding staff.
“As firms have lost
assets the years of
expansion have given
way to a prolonged
period of downsizing”
Yet even in a tough environment for start-up hedge
funds a number of new entrants to the Europe50
show that innovation is alive. After being Europe’s
biggest launch in 2009, Tony Chedraoui’s event driven
vehicle Tyrus Capital may be just getting warmed up
with assets of $1.64 billion. It is a sign of the times
that emerging market specialist Finisterre Capital joins
the Europe50, entering at 48th with an expansion in
AUM to $1.2 billion. Two other firms, GLC and Altis
Partners, join the Europe50 although neither firm is a
recent launch. Indeed, GLC, a systematic trader, dates
from 1992, but it has nearly doubled AUM to $1.59
billion since the beginning of 2009. Now based in
Jersey, Altis Partners is in its ninth year of systematic
managed futures trading and after a stellar 2008 has
grown AUM to $1.4 billion. Several firms were close
to the threshold but declined to verify data, notably
special situations and distressed debt fund operator
Fortelus Capital Management founded in 2007 by Tim
Babich.
Mention has been made of Brevan Howard and
BlueCrest Capital making substantial gains in AUM.
However, the two biggest gainers in the survey are
both newcomers. Pharo Management debuts in 27th
position after it virtually trebled AUM to $3.2 billion
on the back of the phenomenal performance of the
Pharo Macro fund which applies macro strategies in
IN ASSOCIATION WITH
emerging markets. An even more spectacular debut is
that of COMAC Capital run by the former Soros global
macro manager Colm O’Shea. Founded just over four
years ago, COMAC enters the Europe50 at 16th with
AUM of $5.5 billion.
The progress of several firms up the ranking table also
deserves comment. Swedish firm Brummer & Partners
vaulted into the top 10 in 9th position as its diverse
funds offering (spanning managed futures, fixed
income, macro and equities) nearly doubled AUM to
$8.64 billion. Paris-based Dexia Asset Management
advanced to 13th position by more than doubling
AUM to $6.68 billion helped by growth in several
product lines, including UCITS funds. Geneva-based
Jabre Capital Partners entered the top 20 with assets
rising to $5.2 billion as it, too, succeeded in attracting
investors to both its offshore and growing stable
of UCITS funds. Finally long/short equities firm TT
International in London moved up 10 positions to 35th
as it boosted AUM by 39% to $2.1 billion.
Methodology
As with previous Europe50 lists, we have focused
on those firms which can be recognised as distinctly
European businesses, usually those where the
executive functions and head office are located in
Europe. In some cases, the European subsidiaries of
larger, global asset management operations can still
qualify on the strength of the money being managed
out of their European offices. The key criterion in
these latter instances is where the assets are being
managed from, not where they are located.
Where the executive function is located in Europe,
we have, for the sake of convenience, included all the
assets managed by that group, regardless of where
the portfolio manager is sitting. Where the executive
function is outside Europe, it has just counted
the assets managed by European-based portfolio
management teams. In cases where groups manage
both hedge fund and non-hedge assets, we have
stripped out the non-hedge component of the asset
base. In two cases – The Children’s Investment Fund
Management and Trafalgar Asset Managers – we have
provided an estimate of the money being managed. In
these cases, we canvassed a number of data sources
to compile the estimates.
The Hedge Fund Journal would like to thank the
Newedge Prime Brokerage Group for continuing
to sponsor the Europe50. We also congratulate all
those firms in the survey and give a special welcome
to new entrants. We look forward to seeing mangers
of all sizes, including those below the threshold,
make their mark in the coming years. Certainly the
tough conditions that envelop markets offer a ready
testing ground for Europe’s leading asset managers
to show their skill. We think the results will bear
watching.THFJ
EUROPE50 IN ASSOCIATION WITH

01 Brevan Howard
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$31.54bn
Brevan Howard Master Fund $24.94bn Not disclosed Relative value macro Alan Howard
Brevan Howard Emerging Markets Strategies $2.47bn Emerging markets macro
AUM 31 Jan 09
Master Fund
US$25.56bn
Brevan Howard Asia Master Fund $1.87bn Relative value macro

Location London

2009 position 1 (-)

02 Man Investments
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$24.30bn
Man AHL $21.20bn Tim Wong Systematic, managed futures Ben Nickoll
Ore Hill / Pemba $3.10bn Ben Nickoll, Fritz Wahl Credit funds Fritz Wahl
AUM 31 Jan 09
US$25.40bn

Location London

2009 position 2 (-)

03 BlackRock
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$21.66bn
UK Emerging Companies Hedge Fund Not Richard Plackett, Ralph Cox Equity long/short Laurence Fink
UK Equity Hedge Fund disclosed Nigel Ridge, David Goldman Equity long/short
AUM 31 Jan 09
European Opportunities Hedge Fund Carl Lee, David Tovey Equity long/short
US$17.00bn

Location London

2009 position 3 (-)

04 BlueCrest Capital Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$20.50bn
BlueTrend Not Not disclosed Not disclosed Mike Platt
BlueCrest Capital International disclosed Leda Braga
AUM 31 Jan 09
Bill Reeves
US$13.00bn

Location London

2009 position 6 (2)

05 Lansdowne Partners
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$14.30bn
Lansdowne UK Equity Fund $8.60bn Peter Davies, Stuart Roden Equity long/short Paul Ruddock
Lansdowne Global Financials Fund $2.90bn William de Winton Equity long/short Steve Heinz
AUM 31 Jan 09
Lansdowne European Equity Fund $1.70bn Steve Heinz, David Craigen Equity long/short
US$11.65bn

Location London

2009 position 7 (2)

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EUROPE50 IN ASSOCIATION WITH

06 Winton Capital Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$13.65bn
Winton Futures Fund $4.59bn Systematic Managed futures David Harding
Winton Evolution Fund $92.90m Systematic Multi-strategy Martin Hunt
AUM 31 Jan 09
Winton Octo Fund $24.80m Systematic Long/short equity Osman Murgian
US$13.00bn
Anthony Daniell
Peter Jauhal
Rajeev Patel
Location London
Matthew Beddall
2009 position 5 (1)

07 GAM
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$13.18bn
Julius Baer Absolute Return Bond strategies $9.15bn Not disclosed Multi-strategy Gilbert de Botton
GAM Global Rates strategy $859m Discretionary macro (Founder)
AUM 31 Jan 09
GAMut Investments $718m Global macro David M. Solo
US$2.39bn
(Group CEO)
Andrew Hanges
(GAM CEO)
Location London

2009 position 34 (27)

08 GLG Partners
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$12.10bn
GLG European Long/Short Fund Not Not disclosed Equity long/short Noam Gottesman
GLG Market Neutral Fund disclosed Multi-strategy arbitrage Pierre Lagrange
AUM 31 Dec 08
GLG Emerging Markets Fund Global macro Emmanuel Roman
US$14.78bn
GLG North American Opportunity Fund Equity long/short Steve Roth
GLG Global Convertible UCITS Fund Convertible Bond
Location London

2009 position 4 (4)

09 Brummer & Partners

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$8.64bn
Lynx $2.00bn Svante Bergström, Jonas Managed futures Patrik Brummer,
Bengtsson, Martin Sandquist Per Josefsson, Peter
AUM 31 Jan 09
Nektar $1.75bn Kent Janér, Kerim Kaskal, Fixed income relative value/ Thelin, Svante
US$4.39bn
Torbjörn Olofsson, Thomas macro Elfving, Kent Janér,
Andersson Klaus Jäntti, Torbjörn
Zenit $1.13bn Per Josefsson, Peter Thelin, Global long/short equity Olofsson, Kerim
Location Stockholm
Stefan Löhr, Martin Jonsson, Kaskal, Thomas
Stefan Guter Andersson
2009 position 18 (9)

10 Transtrend
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$7.60bn
Diversified Trend Program $7.50bn Not disclosed Managed futures Joep van den Broek
Equity Trend Program $100m Harold de Boer
AUM 31 Jan 09
Mark van Dongen
US$7.60bn
Andre Honig

Location Rotterdam

2009 position 10 (-)

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EUROPE50 IN ASSOCIATION WITH

11 Sloane Robinson
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$7.40bn
SR Global Fund (Class B) Asia $1.40bn Richard Chenevix-Trench Equity long/short market Hugh Sloane
SR Global Fund (Class C) International $1.45bn Hugh Sloane directional George Robinson
AUM 31 Jan 09
SR Global Fund (Class G) Emerging Markets $2.20bn Richard Chenevix-Trench Richard Chenevix-
US$9.10bn
SR Phoenicia (Class A) Phoenicia $580m George Robinson Trench
SR Global Fund (Classes A & F) Europe Michael Hufton, Nathan Wong
SR Global Fund (Class H) Japan Hugh Sloane
Location London

2009 position 8 (3)

12 Gartmore Investment Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$6.87bn
The AlphaGen Capella Fund Limited $1.57bn Roger Guy European long/short equity Jeff Meyer
The AlphaGen Tucana Fund Limited $720m Roger Guy European long/short equity - Keith Starling
AUM 31 Jan 09
high conviction Dave Francis
US$6.10bn
The AlphaGen Octanis Fund Limited $617m Ben Wallace, Luke Newman UK long/short equity Dominic Rossi
Phil Wagstaff
Paul Graham
Location London

2009 position 15 (3)

13 Dexia Asset Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$6.68bn
Dexia Index Arbitrage $2.04bn Emmanuel Terraz UCITS III arbitrage style Naïm Abou-Jaoudé
High Yield Bonds $537m Philippe Noyard Long only, long/short, credit Fabrice Cuchet
AUM 31 Jan 09
derivatives
US$2.48bn
Risk Arbitrage $214mn Sophie Elkrief UCITS III, event driven
strategy
Location Paris

2009 position 31 (18)

14 The Children’s Investment Fund Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$6.oobn (est)
The Children’s Investment Master Fund Not Christopher Hohn Activist Christopher Hohn
disclosed
AUM 31 Jan 09
US$9.50bn

Location London

2009 position 8 (6)

15 Spinnaker Capital
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$5.64bn
Spinnaker Global Opportunity Fund Not Not disclosed Not disclosed Not disclosed
Spinnaker Global Emerging Markets Fund disclosed
AUM 31 Jan 09
US$5.00bn (est)

Location London

2009 position 16 (1)

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EUROPE50 IN ASSOCIATION WITH

16 COMAC Capital
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$5.50bn
COMAC Master Fund Limited $5.30bn Colm O’Shea Global macro Colm O’Shea
AUM 31 Jan 09
n/a

Location London

2009 position N/A

17 HSBC Global Asset Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$5.40bn
HSBC Global Bonds Market Neutral Strategy $1.61bn Luc Dumontier Global bonds, market neutral John Flint
HSBC Global Macro Strategy $693.7m Jim Dunsford, Guillaume Long/short
AUM 31 Jan 09
Rabault
US$7.09bn
HSBC European Alpha Strategy $326.1m Michael O’Mara, Jakob Long/short
Nordestedt
Location London, Paris

2009 position 11 (6)

18 Polygon Investment Group

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$5.25bn
Polygon Global Opp Master Fund Not Reade Griffiths, Paddy Dear Multi-strategy Not disclosed
European Equities Opp Fund disclosed Read Griffiths, Nicolas Dautigny European equity events
AUM 31 Jan 09
Mike Humphries, Robert
US$4.00bn
Convertible Opp Fund Dorfman Convertible bonds

Location London

2009 position 20 (2)

19 Jabre Capital Partners

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$5.20bn
Global Convertible Fund Not Philippe Jabre Convertible bonds Philippe Jabre
Global Balanced Fund disclosed Daniel Horsley Long/short equity Mark Cecil
AUM 31 Jan 09
Multi-Strategy Fund Yan-Hinnerk Richter
US$3.00bn
Mangousta Fund Renaud Saleur
EMEA Fund James Saltissi
Location Geneva

2009 position 27 (8)

20 Capula Global
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$5.19bn
Capula Global Relative Value Master Fund $4.72bn Yan Huo, Masao Asai, Mark Relative value & convergence Yan Huo
Barnett, Jean-Marc Bottazzi, strategies Masao Asai
AUM 31 Jan 09
Capula Tail Risk Master Fund $462m Ayman Hindy, Bing-Le Wu
US$3.68bn

Location London

2009 position 24 (4)

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EUROPE50 IN ASSOCIATION WITH

21 Cheyne Capital
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$5.00bn
Cheyne Real Estate Debt Fund Not Not disclosed European real estate debt Jonathan Lourie Stuart
Cheyne Total Return Credit Fund disclosed Structured corporate credit Fiertz
AUM 31 Jan 09
Cheyne European Event Driven Fund European event driven Chris Goekjian
US$7.00bn

Location London

2009 position 12 (9)

22 Marshall Wace
AUM 31 July 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$4.95bn
MW Market Neutral TOPS Fund $1.03bn Anthony Clarke Equity market neutral Paul Marshall
strategy - process driven Ian Wace
AUM 27 Jan 09
MW Eureka Fund $845m Paul Marshall Long/short equity strategy
US$6.30bn
MW European TOPS Fund $802m Anthony Clarke Long/short equity strategy -
process driven
Location London

2009 position 14 (8)

23 CQS Management
AUM 31 July 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$4.70bn
The CQS Convertible & Quantitative Strategies $1.30bn Michael Hintze Convertible bond & equity Michael Hintze
Fund arbitrage
AUM 31 Jan 09
The CQS Directional Opportunities Fund $820m Michael Hintze Multi-strategy directional
US$4.50bn
fund
The CQS ABS Fund $700m Alistair Lumsden Asset backed securities and
related markets
Location London

2009 position 17 (6)

24 Aspect Capital
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$3.69bn
Aspect Diversified Fund Not Not disclosed Not disclosed Anthony Todd
Aspect Master Fund disclosed Martin Lueck
AUM 31 Jan 09
Aspect Global Equity Fund Michael Adam
US$4.30bn

Location London,
Geneva, NY
2009 position 19 (5)

25 Cevian Capital
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$3.54bn
Cevian Capital II Not Lars Förberg , Christer Gardell Operational activist Lars Förberg
disclosed Christer Gardell
AUM 31 Jan 09
US$3.02bn

Location Stockholm,
Pfäffikon, London
2009 position 26 (1)

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EUROPE50 IN ASSOCIATION WITH

26 Arrowgrass
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$3.52bn
Arrowgrass Master Fund Not Nick Niell Multi Strategy Nick Niell
Arrowgrass Equity Focus Fund disclosed Andrew Billett European Large Cap Long/ Henry Kenner
AUM 31 Jan 09
Michael Chung Short Andrew Billett
US$3.61bn
Arrowgrass Distressed Opportunities Fund Liquid Distressed Michael Chung
Alan Lyons
Chris Wehbe
Location London,

2009 position N/A

27 Prosperity Capital Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$3.48bn
Russian Prosperity Fund $913m Alexander Branis Russia & CIS Mattias Westman
fundamental value Alexander Branis
AUM 31 Jan 09
New Russian Generation Limited $751m Alexander Branis Russia & CIS Ivan Mazalov
US$1.28bn
power sector, Tomas Olsson
special situations Alexey Krivoshapko
Prosperity Quest Fund $280m Ivan Mazalov Russia & CIS Liam Halligan
Location Caymans,
special situations
London, Moscow
2009 position N/A

28 Pharo Management
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$3.20bn
Pharo Macro Fund, Ltd. $2.60bn G. Fonkenell, M. Skarbinski, M. Guillaume Fonkenell
Castro, M. Dow, M. Ferreira, Discretionary trading
AUM 31 Jan 09
primarily in EM, but also in
$1.20bn
Pharo Trading Fund, Ltd. $413m K. Acanal, J. Liggett, T. Lu DM, across FX, fixed income,
G. Fonkenell credit, equity and volatility
Location London, New
GAM Star Pharo Emerging Market Debt and FX $62m Guillaume Fonkenell, Marcelo UCITS III fund benchmarked to
York, Hong Kong
Fund Castro the JPMorgan EMBI-GD Index
2009 position N/A

29 Capital Fund Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$3.14bn
Stratus Program $2.10bn Jean-Philippe Bouchaud, Directional strategy Jean-Philippe
Stratus Fund Ltd (offshore) $626m Philippe Jordan, Marc Potters, Equity statistical arbitrage Bouchaud
AUM 31 Jan 09
Stratus Feeder Ltd (offshore) $1.29bn Jacques Saulière strategy Philippe Jordan
US$2.34bn
Stratus Feeder LLC (onshore US) $178m Equity volatility strategy Marc Potters
Jacques Saulière
Location Paris

2009 position 35 (7)

30 Henderson Global Investors

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$3.00bn
Asia Pacific Absolute Return Fund $597m Andrew Mattock, John Multi-strategy Andrew Formica
Crawford
AUM 31 Jan 09
Global Equity Multi-Strategy $179m David Elms Multi-strategy
N/A
Japan Absolute Return Fund $352m William Garnett, Jeremy Hall Multi-strategy

Location London

2009 position N/A

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EUROPE50 IN ASSOCIATION WITH

31 Egerton Capital
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.84bn
The Egerton European Equity Fund Limited $804m John Armitage Equity long/short John Armitage
The Egerton European Dollar Fund Limited $1.57bn
AUM 31 Jan 09
Egerton Capital Partners, L.P. $459m
US$2.99bn

Location London

2009 position 20 (10)

32 SEB Asset Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.67bn
SEB Asset Selection Fund $1,892bn Hans-Olov Bornemann Systematic Managed Futures Not disclosed
SEB Räntehedge Alpha $264m Stefan Daberius Fixed Income, Relative Value
AUM 31 Dec 09
SEB Hedge Fixed Income $219m Stefan Daberius Fixed Income, Relative Value
US$3.15bn

Location Stockholm

2009 position - (-)

33= James Caird Asset Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.50bn
JCAM Global Fund Not Tim Leslie Global Tim Leslie
JCAM Credit Opportunities Fund disclosed Credit John Demaine
AUM 31 Jan 09
Robert Miller
US$2.40bn

Location London

2009 position 33 (?)

33= BlueBay Asset Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.50bn
BlueBay Value Recovery Fund (EUR) Not Not disclosed Not disclosed Hugh Willis
BlueBay Value Recovery Fund (USD) disclosed Mark Poole
AUM 31 Jan 09
BlueBay Multi-Strategy Fund
US$3.70bn
BlueBay Multi-Strategy Fund PLUS
BlueBay Macro Fund
BlueBay European Distressed Opportunity Fund
Location London, NY,
Tokyo
2009 position 23 (8)

35 Aquila Capital Concepts

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.40bn
AC Agri Opportunity Fund Not Not disclosed Macro Roman Rosslenbroich
AC Statistical Value Market Neutral Fund disclosed Managed Futures Dieter Rentsch
AUM 31 Jan 09
Alternatives of Alternatives
Not disclosed

Location Hamburg,
Frankfurt, Cologne,
Zurich, Luxembourg
2009 position - (-)

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EUROPE50 IN ASSOCIATION WITH

36 Millennium Global Investments

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.30bn
Millennium Global Currency Fund $263m Michael Huttman, Alan Eisner, Forex Michael Huttman
Lissa Scott Smith, Richard Alan Eisner
AUM 31 Jan 09
Benson, Nick Wood
N/A
Millennium Global High Yield Fund $291m Joe Strubel, Peter Cuckovich, High yield, distressed and
Joe Mullin special situations
Millennium Global Natural Resources $102m Jim Guiang, Zarco Stefanovski
Location London

2009 position N/A

37 Thames River Capital

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.22bn
Nevsky $1.88bn Not disclosed Not disclosed Not disclosed
Longstone $137m
AUM 31 Jan 09
Hillside Apex $101m
N/A

Location London

2009 position 29 (5)

38 M&G Investments
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.20bn
Episode Not Dave Fishwick Global macro Dave Fishwick
M&G Macro Episode disclosed Dave Fishwick, Eric Lonergan UCITS
AUM 31 Jan 09
US$1.80bn

Location London

2009 position 39 (4)

39 TT International
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.10bn
TT Mid-Cap Europe Long/Short Fund $612m David Grimbley European mid-cap equities Tim Tacchi
long/short
AUM 31 Jan 09
Permal Europe Limited $335m Tim Tacchi Equity long/short &
US$1.58bn
opportunistic global macro
TT Financials Long/Short $173m Mark Eady, Ben Steele Global financials equities
long/short
Location London

2009 position 45 (9)

40 IKOS
AUM 31 July 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$2.00bn
IKOS Futures Strategy $1.87bn Not disclosed Multi-strategy, systematic Elena Ambrosiadou
global macro
AUM 31 Jan 09
IKOS FX Strategy $919m Systematic macro
US$1.55bn
IKOS Hedge Strategy $175m Multi-strategy

Location Cyprus

2009 position 47 (10)

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EUROPE50 IN ASSOCIATION WITH

41 Odey Asset Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.83bn
Odey European Inc. $1.23bn Crispin Odey Equity long/short Crispin Odey
OEI Mac Inc. $549m Crispin Odey Equity long/short
AUM 31 Jan 09
Giano Capital $51m Michele Ragazzi Equity long/short
US$1.57bn

Location London

2009 position 46 (0)

42= Toscafund
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.80bn
Tosca Not Johnny de la Hey Long/short equity Martin Hughes
Tosca Mid-Cap Fund disclosed Charles Schrager Long/short equity Johnny de la Hay
AUM 31 Jan 09
Tosca MOD Selective mortgage credit
N/A

Location London

2009 position N/A

42= Cazenove Capital

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.80bn
Cazenove European Equity Absolute Return $674m Chris Rice, Steve Cordell Equity long/short Andrew Ross
Fund
AUM 31 Jan 09
Cazenove UK Absolute Target Fund $551m Tim Russell Equity long/short
US$1.62bn
Cazenove UK Dynamic Absolute Return Fund $144m Paul Marriage Equity long/short

Location London

2009 position 42 (3)

42= Ecofin
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.80bn
Ecofin Special Situations Utilities Fund Not Bernard Lambilliotte Long/Short Bernard Lambilliotte
AUM 31 Jan 09
Ecofin Global Utilities Hedge Fund disclosed John Murray
US$2.48bn
Ecofin North American Utilities Hedge Fund Vincent Barnouin

Location London, NY,

Hong Kong
2009 position 31 (9)

45 Armajaro
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.70bn
Armajaro Commodities Fund Not Not disclosed Global Commodities Anthony Ward
CC + Fund disclosed Global Soft Commodities Richard Gower
AUM 31 Jan 09
Czar + Fund Global Soft Commodities
US$1.60bn

Location London

2009 position 43(1)

11
EUROPE50 IN ASSOCIATION WITH

46 Tyrus Capital
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.64bn
Tyrus Capital Event Fund Not Tony Chedraoui Global equity based event Tony Chedraoui
disclosed driven
AUM 31 Jan 09
N/A

Location London

2009 position N/A

47 GLC
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.59bn
GLC Gestalt Programme $709m Lawrence Staden, Iain Bratchie Statistical arbitrage Lawrence Staden
GLC Global Macro Programme $399m Steven Ball, Aston Chan Global macro Caroline Hoare
AUM 31 Jan 09
GLC Directional Programme $351m Lawrence Staden, Iain Bratchie Managed futures Iain Bratchie
US$899m
Steven Bell

Location London

2009 position N/A

48 Rubicon Fund Management

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.53bn
Rubicon Master Fund $1.53bn Santiago Alarco, Tim Attias, Global fixed income, currency, Paul Brewer
Stephen Elgie, Gerado Lemus commodity, equity markets Joe Leitch
AUM 31 Jan 09
and related derivatives
N/A

Location London

2009 position N/A

49 Boussard & Gavaudan

AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.49bn
SARK Fund $1.41bn Emmanuel Boussard Multi-strategy Emmanuel Boussard
Emmanuel Gavaudan Emmanuel Gavaudan
AUM 31 Jan 09
US$1.54bn

Location London, Paris,

Hong Kong
2009 position 48 (1)

50 Altis Partners
AUM 30 Jun 10 Fund Name(s) Size (US$) Fund Manager(s) Strategy/style Founders/Principals
US$1.40bn
Altis Global Futures Portfolio Not Not disclosed Systematic Managed Futures Alex Brunwin
Altis Global Commodity Portfolio disclosed Stephen Hedgecock
AUM 31 Jan 09
Z. Hermaszewski
N/A
Natasha Reeve-Gray

Location St. Helier

2009 position N/A

12