50 Largest Hedge Fund Managers in Europe

Europe 50Europe’s largest single

managers ranked by AUM

I N A S S O C I AT I O N W I T H

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

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.

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

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.

MethodologyAs 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

The Europe 50 Introduction

BILL McINTOSH

W

“As firms have lost assets the years of expansion have given way to a prolonged period of downsizing”

IN ASSOCIATION WITHEUROPE50

2

Brevan Howard 01AUM 30 Jun 10US$31.54bn

AUM 31 Jan 09US$25.56bn

Location London

2009 position 1 (-)

Founders/Principals

Brevan Howard Master FundBrevan Howard Emerging Markets Strategies Master FundBrevan Howard Asia Master Fund

$24.94bn$2.47bn

$1.87bn

Not disclosed Relative value macroEmerging markets macro

Relative value macro

Alan Howard

Size (US$)Fund Name(s) Fund Manager(s) Strategy/style

Man Investments 02AUM 30 Jun 10US$24.30bn


Location London

2009 position 2 (-)

Founders/Principals

Man AHLOre Hill / Pemba

$21.20bn$3.10bn

Tim WongBen Nickoll, Fritz Wahl

Systematic, managed futuresCredit funds

Ben NickollFritz Wahl


BlueCrest Capital Management 04AUM 30 Jun 10US$20.50bn


Location London

2009 position 6 (2)

Founders/Principals

BlueTrendBlueCrest Capital International

Not disclosed

Not disclosed Not disclosed Mike PlattLeda BragaBill Reeves


BlackRock 03AUM 30 Jun 10US$21.66bn


Location London

2009 position 3 (-)

Founders/Principals

UK Emerging Companies Hedge Fund UK Equity Hedge FundEuropean Opportunities Hedge Fund

Not disclosed

Richard Plackett, Ralph Cox Nigel Ridge, David GoldmanCarl Lee, David Tovey

Equity long/shortEquity long/shortEquity long/short

Laurence Fink


Lansdowne Partners 05AUM 30 Jun 10US$14.30bn


Location London

2009 position 7 (2)

Founders/Principals

Lansdowne UK Equity FundLansdowne Global Financials FundLansdowne European Equity Fund

$8.60bn$2.90bn$1.70bn

Peter Davies, Stuart RodenWilliam de WintonSteve Heinz, David Craigen


Paul RuddockSteve Heinz



3

Winton Capital Management 06AUM 30 Jun 10US$13.65bn


Location London

2009 position 5 (1)

Founders/Principals

Winton Futures FundWinton Evolution FundWinton Octo Fund

$4.59bn$92.90m$24.80m

SystematicSystematicSystematic

Managed futuresMulti-strategyLong/short equity

David HardingMartin HuntOsman MurgianAnthony DaniellPeter JauhalRajeev PatelMatthew Beddall


GLG Partners 08AUM 30 Jun 10US$12.10bn

AUM 31 Dec 08US$14.78bn

Location London

2009 position 4 (4)

Founders/Principals

GLG European Long/Short FundGLG Market Neutral FundGLG Emerging Markets FundGLG North American Opportunity FundGLG Global Convertible UCITS Fund

Not disclosed

Not disclosed Equity long/shortMulti-strategy arbitrageGlobal macroEquity long/shortConvertible Bond

Noam GottesmanPierre LagrangeEmmanuel RomanSteve Roth


Brummer & Partners09AUM 30 Jun 10US$8.64bn


Location Stockholm

2009 position 18 (9)

Founders/Principals

Lynx

Nektar

Zenit

$2.00bn

$1.75bn

$1.13bn

Svante Bergström, Jonas Bengtsson, Martin SandquistKent Janér, Kerim Kaskal, Torbjörn Olofsson, Thomas AnderssonPer Josefsson, Peter Thelin, Stefan Löhr, Martin Jonsson, Stefan Guter

Managed futures

Fixed income relative value/macro

Global long/short equity

Patrik Brummer, Per Josefsson, Peter Thelin, Svante Elfving, Kent Janér, Klaus Jäntti, Torbjörn Olofsson, Kerim Kaskal, Thomas Andersson


Transtrend 10AUM 30 Jun 10US$7.60bn


Location Rotterdam

2009 position 10 (-)

Founders/Principals

Diversified Trend ProgramEquity Trend Program

$7.50bn$100m

Not disclosed Managed futures Joep van den BroekHarold de BoerMark van DongenAndre Honig


GAM 07AUM 30 Jun 10US$13.18bn


Location London

2009 position 34 (27)

Founders/Principals

Julius Baer Absolute Return Bond strategiesGAM Global Rates strategyGAMut Investments

$9.15bn$859m$718m

Not disclosed Multi-strategyDiscretionary macroGlobal macro

Gilbert de Botton (Founder)David M. Solo (Group CEO)Andrew Hanges (GAM CEO)



4

The Children’s Investment Fund Management 14AUM 30 Jun 10US$6.oobn (est)


Location London

2009 position 8 (6)

Founders/Principals

The Children’s Investment Master Fund Not disclosed

Christopher Hohn Activist Christopher Hohn


Sloane Robinson 11AUM 30 Jun 10US$7.40bn


Location London

2009 position 8 (3)

Founders/Principals

SR Global Fund (Class B) AsiaSR Global Fund (Class C) InternationalSR Global Fund (Class G) Emerging MarketsSR Phoenicia (Class A) PhoeniciaSR Global Fund (Classes A & F) EuropeSR Global Fund (Class H) Japan

$1.40bn$1.45bn$2.20bn$580m

Richard Chenevix-TrenchHugh SloaneRichard Chenevix-TrenchGeorge RobinsonMichael Hufton, Nathan WongHugh Sloane

Equity long/short market directional

Hugh Sloane George RobinsonRichard Chenevix-Trench


Gartmore Investment Management 12AUM 30 Jun 10US$6.87bn


Location London


Founders/Principals

The AlphaGen Capella Fund LimitedThe AlphaGen Tucana Fund Limited

The AlphaGen Octanis Fund Limited

$1.57bn$720m

$617m

Roger GuyRoger Guy

Ben Wallace, Luke Newman

European long/short equityEuropean long/short equity - high convictionUK long/short equity

Jeff MeyerKeith StarlingDave FrancisDominic RossiPhil WagstaffPaul Graham


Dexia Asset Management 13AUM 30 Jun 10US$6.68bn


Location Paris

2009 position 31 (18)

Founders/Principals

Dexia Index ArbitrageHigh Yield Bonds

Risk Arbitrage

$2.04bn$537m

$214mn

Emmanuel TerrazPhilippe Noyard

Sophie Elkrief

UCITS III arbitrage styleLong only, long/short, credit derivativesUCITS III, event driven strategy

Naïm Abou-Jaoudé Fabrice Cuchet


Spinnaker Capital 15AUM 30 Jun 10US$5.64bn

AUM 31 Jan 09US$5.00bn (est)

Location London


Founders/Principals

Spinnaker Global Opportunity FundSpinnaker Global Emerging Markets Fund

Not disclosed

Not disclosed Not disclosed Not disclosed



5

Capula Global 20AUM 30 Jun 10US$5.19bn


Location London


Founders/Principals

Capula Global Relative Value Master Fund

Capula Tail Risk Master Fund

$4.72bn

$462m

Yan Huo, Masao Asai, Mark Barnett, Jean-Marc Bottazzi, Ayman Hindy, Bing-Le Wu

Relative value & convergence strategies

Yan HuoMasao Asai


HSBC Global Asset Management 17AUM 30 Jun 10US$5.40bn


Location London, Paris


Founders/Principals

HSBC Global Bonds Market Neutral StrategyHSBC Global Macro Strategy

HSBC European Alpha Strategy

$1.61bn$693.7m

$326.1m

Luc DumontierJim Dunsford, Guillaume RabaultMichael O’Mara, Jakob Nordestedt

Global bonds, market neutralLong/short

Long/short

John Flint


Jabre Capital Partners 19AUM 30 Jun 10US$5.20bn


Location Geneva


Founders/Principals

Global Convertible FundGlobal Balanced FundMulti-Strategy FundMangousta FundEMEA Fund

Not disclosed

Philippe JabreDaniel HorsleyYan-Hinnerk RichterRenaud SaleurJames Saltissi

Convertible bondsLong/short equity

Philippe JabreMark Cecil


Polygon Investment Group 18AUM 30 Jun 10US$5.25bn


Location London


Founders/Principals

Polygon Global Opp Master FundEuropean Equities Opp Fund

Convertible Opp Fund

Not disclosed

Reade Griffiths, Paddy DearRead Griffiths, Nicolas DautignyMike Humphries, Robert Dorfman

Multi-strategyEuropean equity events

Convertible bonds

Not disclosed


COMAC Capital16AUM 30 Jun 10US$5.50bn

AUM 31 Jan 09n/a

Location London

2009 position N/A

Founders/Principals

COMAC Master Fund Limited $5.30bn Colm O’Shea Global macro Colm O’Shea



6

Cheyne Capital 21AUM 30 Jun 10US$5.00bn


Location London


Founders/Principals

Cheyne Real Estate Debt FundCheyne Total Return Credit FundCheyne European Event Driven Fund

Not disclosed

Not disclosed European real estate debtStructured corporate creditEuropean event driven

Jonathan Lourie Stuart FiertzChris Goekjian


CQS Management 23AUM 31 July 10US$4.70bn


Location London


Founders/Principals

The CQS Convertible & Quantitative Strategies FundThe CQS Directional Opportunities Fund

The CQS ABS Fund

$1.30bn

$820m

$700m

Michael Hintze

Michael Hintze

Alistair Lumsden

Convertible bond & equity arbitrageMulti-strategy directional fund Asset backed securities and related markets

Michael Hintze


Marshall Wace 22AUM 31 July 10US$4.95bn


Location London


Founders/Principals

MW Market Neutral TOPS Fund

MW Eureka FundMW European TOPS Fund

$1.03bn

$845m$802m

Anthony Clarke

Paul MarshallAnthony Clarke

Equity market neutral strategy - process drivenLong/short equity strategyLong/short equity strategy - process driven

Paul MarshallIan Wace


Cevian Capital 25AUM 30 Jun 10US$3.54bn


Location Stockholm, Pfäffikon, London2009 position 26 (1)

Founders/Principals

Cevian Capital II Not disclosed

Lars Förberg , Christer Gardell Operational activist Lars Förberg Christer Gardell


Aspect Capital 24AUM 30 Jun 10US$3.69bn


Location London, Geneva, NY2009 position 19 (5)

Founders/Principals

Aspect Diversified FundAspect Master FundAspect Global Equity Fund

Not disclosed

Not disclosed Not disclosed Anthony ToddMartin LueckMichael Adam



7

Henderson Global Investors30AUM 30 Jun 10US$3.00bn

AUM 31 Jan 09N/A

Location London

2009 position N/A

Founders/Principals

Asia Pacific Absolute Return Fund

Global Equity Multi-StrategyJapan Absolute Return Fund

$597m

$179m$352m

Andrew Mattock, John Crawford David ElmsWilliam Garnett, Jeremy Hall

Multi-strategy

Multi-strategyMulti-strategy

Andrew Formica


Capital Fund Management 29AUM 30 Jun 10US$3.14bn


Location Paris


Founders/Principals

Stratus ProgramStratus Fund Ltd (offshore)Stratus Feeder Ltd (offshore)Stratus Feeder LLC (onshore US)

$2.10bn$626m$1.29bn$178m

Jean-Philippe Bouchaud, Philippe Jordan, Marc Potters, Jacques Saulière

Directional strategyEquity statistical arbitrage strategyEquity volatility strategy

Jean-PhilippeBouchaud Philippe JordanMarc Potters Jacques Saulière


Pharo Management 28AUM 30 Jun 10US$3.20bn

AUM 31 Jan 09$1.20bn

Location London, New York, Hong Kong2009 position N/A

Founders/Principals

Pharo Macro Fund, Ltd.

Pharo Trading Fund, Ltd.

GAM Star Pharo Emerging Market Debt and FX Fund

$2.60bn

$413m

$62m

G. Fonkenell, M. Skarbinski, M. Castro, M. Dow, M. Ferreira,

K. Acanal, J. Liggett, T. LuG. Fonkenell

Guillaume Fonkenell, Marcelo Castro

Discretionary trading primarily in EM, but also in DM, across FX, fixed income, credit, equity and volatility

UCITS III fund benchmarked to the JPMorgan EMBI-GD Index

Guillaume Fonkenell


Prosperity Capital Management27AUM 30 Jun 10US$3.48bn


Location Caymans, London, Moscow2009 position N/A

Founders/Principals

Russian Prosperity Fund

New Russian Generation Limited

Prosperity Quest Fund

$913m

$751m

$280m

Alexander Branis

Alexander Branis

Ivan Mazalov

Russia & CIS fundamental valueRussia & CIS power sector, special situationsRussia & CIS special situations

Mattias WestmanAlexander BranisIvan MazalovTomas OlssonAlexey KrivoshapkoLiam Halligan



8

Arrowgrass26AUM 30 Jun 10US$3.52bn


Location London,

2009 position N/A

Founders/Principals

Arrowgrass Master FundArrowgrass Equity Focus Fund

Arrowgrass Distressed Opportunities Fund

Not disclosed

Nick NiellAndrew BillettMichael Chung

Multi StrategyEuropean Large Cap Long/ShortLiquid Distressed

Nick NiellHenry KennerAndrew BillettMichael ChungAlan LyonsChris Wehbe


BlueBay Asset Management33=AUM 30 Jun 10US$2.50bn


Location London, NY, Tokyo2009 position 23 (8)

Founders/Principals

BlueBay Value Recovery Fund (EUR)BlueBay Value Recovery Fund (USD)BlueBay Multi-Strategy FundBlueBay Multi-Strategy Fund PLUSBlueBay Macro FundBlueBay European Distressed Opportunity Fund

Not disclosed

Not disclosed Not disclosed Hugh WillisMark Poole


Egerton Capital 31AUM 30 Jun 10US$2.84bn


Location London

2009 position 20 (10)

Founders/Principals

The Egerton European Equity Fund LimitedThe Egerton European Dollar Fund LimitedEgerton Capital Partners, L.P.

$804m$1.57bn$459m

John Armitage Equity long/short John Armitage



9

James Caird Asset Management 33=AUM 30 Jun 10US$2.50bn


Location London

2009 position 33 (?)

Founders/Principals

JCAM Global FundJCAM Credit Opportunities Fund

Not disclosed

Tim Leslie GlobalCredit

Tim LeslieJohn DemaineRobert Miller


SEB Asset Management32AUM 30 Jun 10US$2.67bn

AUM 31 Dec 09US$3.15bn

Location Stockholm

2009 position - (-)

Founders/Principals

SEB Asset Selection Fund SEB Räntehedge Alpha SEB Hedge Fixed Income

$1,892bn$264m$219m

Hans-Olov Bornemann Stefan DaberiusStefan Daberius

Systematic Managed FuturesFixed Income, Relative Value Fixed Income, Relative Value

Not disclosed


Aquila Capital Concepts 35AUM 30 Jun 10US$2.40bn

AUM 31 Jan 09Not disclosed

Location Hamburg, Frankfurt, Cologne, Zurich, Luxembourg2009 position - (-)

Founders/Principals

AC Agri Opportunity FundAC Statistical Value Market Neutral Fund

Not disclosed

Not disclosed MacroManaged FuturesAlternatives of Alternatives

Roman RosslenbroichDieter Rentsch


IKOS 40AUM 31 July 10US$2.00bn


Location Cyprus

2009 position 47 (10)

Founders/Principals

IKOS Futures Strategy

IKOS FX StrategyIKOS Hedge Strategy

$1.87bn

$919m$175m

Not disclosed Multi-strategy, systematic global macroSystematic macroMulti-strategy

Elena Ambrosiadou


TT International 39AUM 30 Jun 10US$2.10bn


Location London


Founders/Principals

TT Mid-Cap Europe Long/Short Fund

Permal Europe Limited

TT Financials Long/Short

$612m

$335m

$173m

David Grimbley

Tim Tacchi

Mark Eady, Ben Steele

European mid-cap equities long/shortEquity long/short & opportunistic global macroGlobal financials equities long/short

Tim Tacchi


Millennium Global Investments36AUM 30 Jun 10US$2.30bn

AUM 31 Jan 09N/A

Location London

2009 position N/A

Founders/Principals

Millennium Global Currency Fund

Millennium Global High Yield Fund

Millennium Global Natural Resources

$263m

$291m

$102m

Michael Huttman, Alan Eisner, Lissa Scott Smith, Richard Benson, Nick WoodJoe Strubel, Peter Cuckovich, Joe MullinJim Guiang, Zarco Stefanovski

Forex

High yield, distressed and special situations

Michael HuttmanAlan Eisner


Thames River Capital 37AUM 30 Jun 10US$2.22bn

AUM 31 Jan 09N/A

Location London


Founders/Principals

NevskyLongstone Hillside Apex

$1.88bn$137m$101m

Not disclosed Not disclosed Not disclosed


M&G Investments 38AUM 30 Jun 10US$2.20bn


Location London


Founders/Principals

EpisodeM&G Macro Episode

Not disclosed

Dave FishwickDave Fishwick, Eric Lonergan

Global macroUCITS

Dave Fishwick



10

Ecofin42=AUM 30 Jun 10US$1.80bnAUM 31 Jan 09US$2.48bn

Location London, NY, Hong Kong2009 position 31 (9)

Founders/Principals

Ecofin Special Situations Utilities FundEcofin Global Utilities Hedge FundEcofin North American Utilities Hedge Fund

Not disclosed

Bernard Lambilliotte Long/Short Bernard LambilliotteJohn MurrayVincent Barnouin


Odey Asset Management 41AUM 30 Jun 10US$1.83bn


Location London


Founders/Principals

Odey European Inc.OEI Mac Inc.Giano Capital

$1.23bn$549m$51m

Crispin OdeyCrispin OdeyMichele Ragazzi


Crispin Odey


Cazenove Capital 42=AUM 30 Jun 10US$1.80bn


Location London


Founders/Principals

Cazenove European Equity Absolute Return FundCazenove UK Absolute Target FundCazenove UK Dynamic Absolute Return Fund

$674m

$551m$144m

Chris Rice, Steve Cordell

Tim RussellPaul Marriage

Equity long/short

Equity long/shortEquity long/short

Andrew Ross


Toscafund42=AUM 30 Jun 10US$1.80bn

AUM 31 Jan 09N/A

Location London

2009 position N/A

Founders/Principals

ToscaTosca Mid-Cap FundTosca MOD

Not disclosed

Johnny de la HeyCharles Schrager

Long/short equityLong/short equitySelective mortgage credit

Martin HughesJohnny de la Hay


Armajaro 45AUM 30 Jun 10US$1.70bn


Location London

2009 position 43(1)

Founders/Principals

Armajaro Commodities FundCC + FundCzar + Fund

Not disclosed

Not disclosed Global CommoditiesGlobal Soft CommoditiesGlobal Soft Commodities

Anthony WardRichard Gower



11

Tyrus Capital 46AUM 30 Jun 10US$1.64bn

AUM 31 Jan 09N/A

Location London

2009 position N/A

Founders/Principals

Tyrus Capital Event Fund Not disclosed

Tony Chedraoui Global equity based event driven

Tony Chedraoui


GLC 47AUM 30 Jun 10US$1.59bn

AUM 31 Jan 09US$899m

Location London

2009 position N/A

Founders/Principals

GLC Gestalt ProgrammeGLC Global Macro ProgrammeGLC Directional Programme

$709m$399m$351m

Lawrence Staden, Iain BratchieSteven Ball, Aston ChanLawrence Staden, Iain Bratchie

Statistical arbitrageGlobal macroManaged futures

Lawrence StadenCaroline Hoare Iain BratchieSteven Bell


Rubicon Fund Management 48AUM 30 Jun 10US$1.53bn

AUM 31 Jan 09N/A

Location London

2009 position N/A

Founders/Principals

Rubicon Master Fund $1.53bn Santiago Alarco, Tim Attias, Stephen Elgie, Gerado Lemus

Global fixed income, currency, commodity, equity markets and related derivatives

Paul BrewerJoe Leitch


Altis Partners50AUM 30 Jun 10US$1.40bn

AUM 31 Jan 09N/A

Location St. Helier

2009 position N/A

Founders/Principals

Altis Global Futures Portfolio Altis Global Commodity Portfolio

Not disclosed

Not disclosed Systematic Managed Futures Alex BrunwinStephen HedgecockZ. HermaszewskiNatasha Reeve-Gray



12

Boussard & Gavaudan49AUM 30 Jun 10US$1.49bn


Location London, Paris, Hong Kong2009 position 48 (1)

Founders/Principals

SARK Fund $1.41bn Emmanuel BoussardEmmanuel Gavaudan

Multi-strategy Emmanuel BoussardEmmanuel Gavaudan


Documents

50 Largest Hedge Fund Managers in Europe