The Hedge Fund Journal publishes the 4th Edition of the EUROPE50 produced in association with Newedge Prime Brokerage Group.
The results indicate 26% fall in AUM of Europes largest 50 firms to US$271 billion. Whilst a big fall, the fall is less than the 40% plus decline aggregate industry figures show, thus confirming again that the migration to bigger operators is intensifying
Brevan Howard confirmed in the top slot; GLG down to 4th after terrible year amid indications it will focus more on long-only growth. Winton gets into top 5 for first time, which along with AHL (Man).
Relative outsiders Transtrend (Rotterdam) and Horseman (London) rise to the industrys top Table.
The disappearance of Toscafund after its annus horribilis from assets of US$6 billion and 20th slot (in the 3rd Edition, published 2008) to below the US$1.5 billion cut as it bet wrongly on early recovery in UK house builders and US home lender WaMu.
The strong showing of the big macro and CTA funds showing that ultra-liquid investment strategies were relatively unscathed in the post-Lehman credit freeze compared to the conventional equity long/short funds, notably Marshall Wace, which suffered
The emergence of several new entrants show that some hedge funds are still making strides despite the overall downturn, thus demonstrating the entrepreneurial underpinnings of the industry.
L.D.