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THE FUND OF HEDGE FUNDS

GLOBAL 50
The largest 50 funds of hedge funds groups ranked by AUM as at 31st March 2010

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

PRIME BROKERAGE GROUP


THE FUND OF HEDGE FUNDS

GLOBAL50
01 Blackstone Alternative Asset Management
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$28.6bn 1990
AUM 30 Jun 09 (US$) Employees Blackstone Partners Strategy Emerging Markets, Macro, Event Driven, Market $1.4bn J. Tomilson Hill (President)
$25.0bn Not disclosed Blackstone Park Avenue Strategy Neutral, Long/Short Equity, Diversified, Credit,
Percentage change No. of FoFs managed Blackstone Madison Avenue Strategy CTA,
14.4% Not disclosed

Location (principal office location in bold): New York, London, Tokyo, Hong Kong

02 UBS Alternative Investment Solutions


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$26.0bn Not disclosed
AUM 30 Jun 09 (US$) Employees UBS A&Q Alternative Solution Multi-Strategy Not disclosed Bill Brown (co-CIO)
$31.4bn Not disclosed Rick Nardis (co-CIO)
Percentage change No. of FoFs managed
17.2% Not disclosed

Location (principal office location in bold): Zurich, Stamford, New York

03 Grosvenor Capital Management L.P.


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$23.4bn 1971
AUM 30 Jun 09 (US$) Employees Not disclosed Event Driven, Merger Arbitrage, Long/Short Not disclosed Michael Sacks (CEO), Paul Meister (COO),
$20.3bn Not disclosed Equity, Convertible Arbitrage, Equity Market Eric Felton (CFO), David Richter (Director of
Percentage change No. of FoFs managed Neutral Research), Joseph Nesler (CCO, GC)
15.3% Not disclosed

Location (principal office location in bold): Chicago, New York, London

04 HSBC Alternative Investments


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$23.3bn (est.) 1994
AUM 30 Jun 09 (US$) Employees HSBC Multi Adviser Arbitrage Fund HSBC Asian AdvantEdge Fund Macro, Long/Short Equity, Merger Arbitrage, Not disclosed Chris Allen (CEO), Peter Rigg (Head of
$22.3bn Not disclosed HSBC GH Fund HSBC European AdvantEdge Fund Convertible Arbitrage, Fixed Income, Market Alternative Investment Group), Tim Gascoigne
Percentage change No. of FoFs managed HSBC UCITS AdvantEdge Fund HSBC Trading AdvantEdge Fund Neutral (Head of Portfolio Management)
4.5% 10 HSBC Emerging AdvantEdge Fund HSBC Special Opportunities Fund

Location (principal office location in bold): London, New York, Geneva, Hong Kong

05= Permal Investment Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$19.4bn 1973
AUM 30 Jun 09 (US$) Employees Permal Macro Holdings Macro, Fixed Income, Long/Short Equity, Natural $3.2bn Isaac Souede (CEO)
$18.7bn 190 Permal Fixed Income Holdings Resource, Multi-Strategy James Hodge (CIO)
Percentage change No. of FoFs managed Permal Investment Holdings
3.7% 14

Location (principal office location in bold): New York, London, Boston, Nassau, Paris, Dubai, Singapore, Hong Kong and Tokyo

05= Goldman Sachs Hedge Fund Strategies


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$19.4bn 1997
AUM 30 Jun 09 (US$) Employees Not disclosed Long/Short Equity, Event Driven, Macro, CTAs, Not disclosed Kent Clark (CIO), Charles Baillie, Christopher
$18.0bn 100+ Multi-Strategy, Commodities, Emerging Markets Kojima, Steve Bossi, Gerald Messier, David
Percentage change No. of FoFs managed Mullane, Ryan Roderick
7.8% Not disclosed

Location (principal office location in bold): New York, London, Tokyo

07 Union Bancaire Privée


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$18.8bn (est.) 1986
AUM 30 Jun 09 (US$) Employees Selectinvest Arbitrage/Relative Value Long/Short Equity, Multi-Strategy, Distressed $4.7bn Christophe Bernard (CIO)
$23.8bn 120 Dinvest SICAV Securities
Percentage change No. of FoFs managed
21.0% 8

Location (principal office location in bold): Geneva, London, New York, Hong Kong, Singapore, Tokyo, Bahamas

08 Man Investments
AUM 30 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$18.0bn 2000
AUM 30 Sep 09 (US$) Employees Man Four Seasons Low Volatility N/A Peter Clarke (CEO)
$21.6bn Not disclosed Man Dynamic Selection Medium Volatility Herbert Item (CIO)
Percentage change No. of FoFs managed Man IP220 High Volatility John Rowsell (MD)
16.7% Not disclosed Man Commodities Thematic

Location (principal office location in bold): London, Chicago, Dubai, Dublin, Hong Kong, Luxembourg, Miami, New York, Pfäffikon, Rotterdam, Singapore, Sydney, Toronto, Tokyo

09 BlackRock Alternative Advisors


AUM 1 Apr 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$17.8bn 1988
AUM 1 Jul 09 (US$) Employees Not disclosed Diversified Not disclosed Not disclosed
$14.9bn 8,500 (firm wide)
Percentage change No. of FoFs managed
19.5% Not disclosed

Location (principal office location in bold): New York, London, Tokyo, Hong Kong, Singapore, Paris

10 Lyxor Asset Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$15.9bn 1998
AUM 30 Jun 09 (US$) Employees Lyxor Active Edge Fund Lyxor Premium Fund Multi-Strategy Not disclosed Christophe Mianné (Key Founder)
$16.1bn 500 Lyxor Hedge Fund Index Fund The Turquoise Fund Laurent Seyer (CEO)
Percentage change No. of FoFs managed Lyxor Active Edge Fund Lyxor Focus Fund Ltd Alain Dubois (Chairman)
1.2% 350+ share classes Lyxor Hedge Fund Index Fund Lyxor Diversified Fund Ltd

Location (principal office location in bold): Paris, New York, Tokyo, Dublin, Luxembourg

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THE FUND OF HEDGE FUNDS

GLOBAL50
11 Mesirow Advanced Strategies
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$12.5bn 1990
AUM 30 Jun 09 (US$) Employees Not disclosed Multi-Strategy, Hedged Equity, Credit, Event $0.38bn Howard M. Rossman (Chairman)
$10.2bn 97 Driven, Relative Value, Macro and Commodities Martin B. Kaplan (CEO)
Percentage change No. of FoFs managed Stephen C. Vogt (CIO)
22.5% Not disclosed

Location (principal office location in bold): Chicago, London *including open-ended funds & mandates

12 GAM
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$12.3bn (est.) 1983
AUM 30 Jun 09 (US$) Employees GAM Diversity Multi-Stratgy, Equity Hedge, Trading, Arbitrage $4.6bn Gilbert de Botton (Founder)
$12.5bn 753 GAM Diversity II David Smith (Chief Investment Director)
Percentage change No. of FoFs managed GAM Trading II
1.6% 62

Location (principal office location in bold): London, Zurich, Berlin, New York, Tokyo, Hong Kong, Singapore

13 Amundi Alternative Investments


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$12.1bn 1992
AUM 30 Jun 09 (US$) Employees Green Way Limited: Multi-Strategy Multi-Strategy, Arbitrage Strategies, Long/Short $0.5bn Andrew Watson (CEO)
$12.8bn 93 Green Way Arbitrage The Diversified Fund: Arbitrage Strategies Equities, Global Macro CTA Laurent Guillet (Deputy CEO)
Percentage change No. of FoFs managed Green Way Select Global: Long/Short Equities Luc Martin (CIO)
5.5% 41* Green Way Select Macro: Global Macro CTA

Location (principal office location in bold): Paris, London, Chicago, Tokyo

14 Credit Suisse Alternative Capital


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$11.3bn 1998
AUM 30 Jun 09 (US$) Employees Sapic 98 Multi-strategy, Equity Long/Short, Event Driven, Not disclosed Boris Arabadjiev, Ph.D.
$13.2bn 48 Credit Suisse Prime Select Trust Multi-strategy Relative Value Arbitrage, Tactical Trading
Percentage change No. of FoFs managed Phoenix Distressed Opportunities
14.4% 50 Sapic Global Macro

Location (principal office location in bold): Zurich, New York, London, Hong Kong, Tokyo, Singapore, São Paulo

15 Edmond de Rothschild Group


AUM 31 Mar 10 (US$) Founded Group companies Key strategies utilised Advisory (US$) Founders/principals
$10.7bn 1953
AUM 30 Jun 09 (US$) Employees Geneva - Banque Privée Edmond de Rothschild S.A, with the Edmond de Arbitrage & Relative Value, Long/Short Equity $1.75bn Baron Benjamin de Rothschild
$10.2bn 2000+ Rothschild Prifund range (9 FoHFs). Paris - Edmond de Rothschild Investment & Trading
Percentage change No. of FoFs managed Managers with the Multi-Alternatif range (8 FoHFs). London - LCF Edmond de
4.9% by the Group 20 Rothschild Asset Management with the Capital Holdings Funds range (3 FoHFs)

Location: Geneva (HQ), Paris, London

16= Pacific Alternative Asset Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$9.8bn 2000
AUM 30 Jun 09 (US$) Employees Not disclosed Multi-Strategy , Moderate Volatility Not disclosed Jane Buchan (CEO & Co-Founder)
$8.6bn 133 Jim Berens (Founder)
Percentage change No. of FoFs managed Judith Posnikoff (Founder)
14.0% Not disclosed Bill Knight (Founder)

Location (principal office location in bold): Irvine, CA, London, Singapore

16= Aurora Investment Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$9.8bn 1990
AUM 30 Jun 09 (US$) Employees Aurora Limited Partnership Multi-Strategy Not disclosed Roxanne Martino (President and CEO)
$8.9bn 97 Aurora Offshore Fund I Scott Schweighauser (Partner and CIO)
Percentage change No. of FoFs managed Aurora Offshore Fund II Justin D. Sheperd (Portfolio Manager)
10.1% 10

Location (principal office location in bold): Chicago

18 Morgan Stanley Alternative Investment Partners


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$9.5bn 2000
AUM 30 Jun 09 (US$) Employees Morgan Stanley Global Long/Short Fund Diversified Not disclosed Mustafa Jama (Head and CIO)
$9.3bn 50 Alternative Investment Partners Absolute Return Fund
Percentage change No. of FoFs managed Morgan Stanley Institutional Fund of Hedge Funds LP
2.1% Not disclosed

Location (principal office location in bold): West Conshohocken, PA, New York, London, Hong Kong

19 K2 Advisors
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$8.7bn 1994
AUM 30 Jun 09 (US$) Employees Not disclosed Not disclosed Not disclosed David Saunders (Managing Director)William
$7.1bn 95 Douglass (Managing Director)
Percentage change No. of FoFs managed
22.5% Not disclosed

Location (principal office location in bold): Stamford

20= EIM Group


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$8.5bn 1992
AUM 30 Jun 09 (US$) Employees Not disclosed Not disclosed Nil Arpad Busson (Founder)
$9.2bn 147
Percentage change No. of FoFs managed
7.6% 92

Location (principal office location in bold): Nyon (near Geneva), Zurich, New York, London, Paris, Amsterdam, Singapore, Gibraltar, Monaco

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THE FUND OF HEDGE FUNDS

GLOBAL50
20= Financial Risk Management (FRM)
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$8.5bn 1991
AUM 30 Jun 09 (US$) Employees Diversified Long Short Credit Diversified, Systematic Trading (CTAs), Equity Not disclosed Blaine Tomlinson (Group CEO)
$9.0bn 170 Sigma Opportunistic Long/Short, Specialist Credit, Directional Trading
Percentage change No. of FoFs managed Equity Long-Short FCA Catalyst Emerging Managers
5.6% Not disclosed Credit Strategies Principia

Location (principal office location in bold): London, New York, Tokyo, Hong Kong, Guernsey, Seoul, Sydney

22 Pictet Alternative Investments


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$8.2bn 1989
AUM 30 Jun 09 (US$) Employees Mosaic Distressed Securities, Emerging Markets, Macro, $1.7bn Nicolas Campiche (CEO)
$7.3bn Not disclosed Amerosec Market Neutral, Multi Strategy, Short Selling, Bertrand Demole (Head of Hedge Funds)
Percentage change No. of FoFs managed Eurosec Special Situations, Value, Event Driven, Merger Francesco Ilardi (COO)
12.3% 6 Asiasec Arbitrage, Long/Short Equity, CTA

Location (principal office location in bold): Geneva, Barcelona, Basel, Dubai, Florence, Frankfurt, Hong Kong, Lausanne, London, Luxembourg, Madrid, Milan, Montreal, Nassau, Paris, Rome, Singapore, Tokyo, Turin, Zurich

23 Gottex Fund Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$7.92bn 1992
AUM 30 Jun 09 (US$) Employees Market Neutral Fund Multi-Asset Endowment Fund Market Neutral Asia 0.41bn Joachim Gottschalk (Founder & CEO)
$8.0bn 112 Market Neutral Plus Fund Directional Max Gottschalk (Senior MD), Richard Leibovitch
Percentage change No. of FoFs managed Portable Alpha Funds Portable Alpha (CIO), Bill Landes (Head of Multi-Asset Business)
1.0% 16 Tiger Fund Multi-Asset Kevin Maloney (Head of Risk Management)

Location (principal office location in bold): Lausanne, Boston, New York, London, Hong Kong, Zurich, Dubai, Guernsey

24 Arden Asset Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$7.6bn 1993
AUM 30 Jun 09 (US$) Employees Not disclosed Diversified, Relative Value, Even Driven, Global Not disclosed Averell H. Mortimer (President, CEO & Founder,
$8.2bn 96 Macro and Equity Long/Short Investment Committee Member), Henry Davis
Percentage change No. of FoFs managed (MD, Investment Committee Member), Ian
7.3% 11 McDonald (MD, Investment Committee member)

Location (principal office location in bold): New York, London, Zurich and Bahrain

25= BNY Mellon Asset Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$7.5bn Not disclosed
AUM 30 Jun 09 (US$) Employees Not disclosed Not disclosed Not disclosed Phil Maisano (Head of Alternative Investments,
$9.4bn Not disclosed BNY Mellon Asset Management)
Percentage change No. of FoFs managed
20.2% Not disclosed

Location (principal office location in bold): Boston

25= Notz Stucki Group


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$7.5bn 1974
AUM 30 Jun 09 (US$) Employees Haussmann Holdings Long/Short Equity, Macro, Low Volatility Not disclosed Christian H Stucki (Co-Founder)
$8.0bn 84 DGC Pendulum Strategies, Multi-Strategy Christoph La Roch (Director)
Percentage change No. of FoFs managed Lynx
6.3% 10

Location (principal office location in bold): Geneva, Zurich, London, Singapore, Luxembourg

27= JPMorgan Alternative Asset Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$7.2bn (est.) 1994
AUM 30 Jun 09 (US$) Employees MSF 1 Distressed Securities, Macro, Multi Strategy, Not disclosed Corey Case (co-Head)
$8.2bn 75 MSF 2 Short Selling, Special Situations, Merger Paul Zummo (co-Head)
Percentage change No. of FoFs managed Arbitrage, Long/Short Equity, Relative Value
12.2% Not disclosed Arbitrage, Activists, Credit

Location (principal office location in bold): New York, London, Geneva, Singapore

27= Fauchier Partners


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$7.2bn 1994
AUM 30 Jun 09 (US$) Employees Jubilee Absolute Return Fund Not disclosed Not disclosed Clark Fenton (Partner & CEO)
$6.1bn Not disclosed Jubilee Absolute Equity Fund Dan Higgins (Partner & CIO)
Percentage change No. of FoFs managed Christopher Fawcett (Senior Partner)
18.0% Not disclosed

Location (principal office location in bold): London, New York, Guernsey

29 Silver Creek Capital Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$7.1bn (est.) 1994
AUM 30 Jun 09 (US$) Employees Silver Creek Low Vol Continuation Funds Credit, Multi-Strategy, Long/Short Nil Eric Dillon (CIO)
$6.8bn Not disclosed Silver Creek Special Opportunities Fund Bryan Weeks (President & COO)
Percentage change No. of FoFs managed
4.4% 20

Location (principal office location in bold): Seattle, New York, London

30 Aberdeen Asset Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$6.0bn 1983 (FoF capability
AUM 30 Jun 09 (US$) established in 1998) Novus Global Credit Opportunities Strategy Ltd Fixed Income Arbitrage, Statistical Arbitrage, Not disclosed Not disclosed
$6.3bn Employees Novus Global Emerging Markets Strategy Ltd Long/Short Equity, Credit Strategies, Event
Percentage change 1850 (firm wide) Novus Natural Resources Strategy Ltd Driven, Macro
4.8% No. of FoFs managed 10 Novus Global Special Situations Strategy Ltd

Location (principal office location in bold): Aberdeen, London, Tokyo, Amsterdam, Brussels, Budapest, Copenhagen, Frankfurt, Geneva, Helsinki, Luxembourg

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THE FUND OF HEDGE FUNDS

GLOBAL50
31 Crestline Investors
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$5.6bn 1997
AUM 30 Jun 09 (US$) Employees Crestline Partners, L.P. Relative Value, Event Driven, Absolute Return $5.6bn Doug Bratton (President)
$3.5bn 59 Opportunity Fund
Percentage change No. of FoFs managed Recovery Fund
60.0% 16

Location (principal office location in bold): Fort Worth, New York, Toronto

32 Rock Creek Group


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$5.5bn 2003
AUM 30 Jun 09 (US$) Employees Not disclosed Multi-Strategy Not disclosed Afsaneh Mashayekhi Beschloss (CEO & CIO)
$5.6bn Not disclosed
Percentage change No. of FoFs managed
1.8% Not disclosed

Location (principal office location in bold): Washington, D.C.

33= AXA Investment Managers


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$5.0bn 2005
AUM 30 Jun 09 (US$) Employees AXA Alternative Premium Global Macro, Distressed Securities, Credit, $0.377bn Chris Manser (Global Head of Funds of Hedge
$5.1bn 36 AXA Select Alpha Long/Short Equity, Emerging Markets Funds)
Percentage change No. of FoFs managed AXA Alternative Asian Fund
1.7% Not disclosed

Location (principal office location in bold): London, Paris, Zurich, Hong Kong

33= EnTrust Capital


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$5.0bn (est.) 2002
AUM 30 Jun 09 (US$) Employees Not disclosed Multi-strategy, Diversified $5.6bn Gregg Hymowitz (Managing Partner)
$4.6bn 52 Mark Fife (Managing Partner)
Percentage change No. of FoFs managed Michael Horowitz (Managing Partner)
8.7% 15 Jill Zelenko (CFO)

Location (principal office location in bold): New York, Washington D.C., Chicago, Boston, London

33= Lighthouse Partners


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$5.0bn (est.) 1999
AUM 30 Jun 09 (US$) Employees Diversified Fund Credit, Long/Short Equity, Diversified Nil Sean G. McGould (CIO)
$4.4bn 72 Credit Opportunities Fund Kelly Perkins (Co-CIO)
Percentage change No. of FoFs managed Global Long Short Fund, Rob Swan (COO)
13.6% 8 Managed Futures Fund Scott Perkins (Managing Director)

Location (principal office location in bold): Palm Beach Gardens, FL, Chicago, New York, London, Hong Kong

36 Aetos Capital
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$4.9bn 1999
AUM 30 Jun 09 (US$) Employees Not disclosed Multi-Strategy, Long/Short Equity Not disclosed Anne Casscells
$4.0bn Not disclosed Michael Klein
Percentage change No. of FoFs managed
22.0% 15

Location (principal office location in bold): New York, Menlo Park, CA

37 The Archstone Partnerships


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$4.7bn 1991
AUM 30 Jun 09 (US$) Employees Offshore Fund Multi-Strategy, Long/Short Equity Not disclosed Fred Shuman (Founder & Managing Member)
$4.2bn Not disclosed Archstone Partners
Percentage change No. of FoFs managed AP Opportunities Fund
11.9% Not disclosed Market Neutral Fund

Location (principal office location in bold): New York

38= LGT Capital Partners


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$4.5bn 1997
AUM 30 Jun 09 (US$) Employees Castle Alternative Invest, Crown Distressed Credit Opportunities Multi-strategy/Diversified, CTA/Macro, Event Not disclosed Roberto Paganoni (CEO)
$4.8bn 62 (hedge fund side) Crown Alternative Equity Crown Managed Futures Driven, Long/Short Equity, Relative Value
Percentage change No. of FoFs managed Crown Alternative Invest
6.3% 24 Crown Asia Pacific Balanced

Location (principal office location in bold): Pfaeffikon, Dublin, Hong Kong, London, New York, Tokyo

38= Sciens Capital Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$4.5bn 1994
AUM 30 Jun 09 (US$) Employees Dynamic Trading Fund Multi-Strategy, CTA, Volatility Arbitrage, Long/ $2.5bn John P. Rigas (Chairman & CEO)
$4.8bn Not disclosed Global Diversified Fund Short
Percentage change No. of FoFs managed Samurai Fund
6.3% Not disclosed Volatility Driven Fund

Location (principal office location in bold): New York, London, Athens, Guernsey

38= Harcourt Investment Consulting


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$4.5bn 1997
AUM 30 Jun 09 (US$) Employees Belair Sustainable Alternatives Diversified $2.7bn Stephan Fritz (CEO)
$3.9bn 70 Dr. Georg Wessling (CIO)
Percentage change No. of FoFs managed Dr. Kurt Lambert (Founder)
15.4% 30

Location (principal office location in bold): Zurich, New York, Stockholm, Geneva, Madrid, Hong Kong, Cayman Islands

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THE FUND OF HEDGE FUNDS

GLOBAL50
41= Prisma Capital Partners
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$4.4bn 2004
AUM 30 Jun 09 (US$) Employees Prisma Spectrum Fund Low Volatility $3.3bn Girish Reddy (Founder & Managing Partner)
$3.5bn Not disclosed Prisma Select Fund Gavyn Davies (Founder & Advisory Partner)
Percentage change No. of FoFs managed Prisma Genesis Thomas Healey (Founder & Advisory Partner)
25.7% 25*

Location (principal office location in bold): New York, London, Louisville, KY *Co-mingled plus separate accounts

41= PineBridge Investments


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$4.4bn Not disclosed
AUM 30 Jun 09 (US$) Employees Not disclosed Multi-Strategy, Strategy Specific and Customized Nil Robert Discolo, CFA (Managing Director, Head
Not disclosed Not disclosed Solutions of Hedge Fund Solutions Group)
Percentage change No. of FoFs managed
N/A Not disclosed

Location (principal office location in bold): London, New York

43 Neuberger Berman Group


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$3.7bn 1999
AUM 30 Jun 09 (US$) Employees Not disclosed Event Driven, Long/Short, Multi-Strategy Not disclosed George Walker (Chairman & CEO)
$3.8bn Not disclosed
Percentage change No. of FoFs managed
2.6% 9

Location (principal office location in bold): New York, London, Zurich, Melbourne, Hong Kong, Tokyo, Singapore, Shanghai

44 Optima Fund Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$3.3bn 1988
AUM 30 Jun 09 (US$) Employees Optima Fund Limited Convertible Arbitrage, Credit, CTA, Event Driven, $1.1bn Dixon Boardman (Founder)
$3.3bn 50 Fixed Income Arbitrage, Long/Short Equity, Fabio Savoldelli (CIO)
Percentage change No. of FoFs managed Emerging Markets Geoffrey Lewis (CFO)
0.0% 13

Location (principal office location in bold): New York, London, Bermuda

45 Protégé Partners
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$3.2bn 2002
AUM 30 Jun 09 (US$) Employees Protégé Partners, LP (FOF) Directional, Relative Value, Event-Driven Nil Jeffrey Tarrant (Co-founder/CEO & CIO) Ted
$2.8bn 48 Protégé Partners QP Fund, LTD (FOF) Seides (Co-founder/Senior MD of Investments)
Percentage change No. of FoFs managed Protégé Opportunistic Fund, LP (FOF) Scott Bessent (Senior Managing Director of
14.3% 2 Protégé Opportunistic Fund, LTD (FOF) Investment Strategy & Research)

Location (principal office location in bold): New York

46= Pioneer Alternative Investments


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$3.1bn 1999
AUM 30 Jun 09 (US$) Employees Not disclosed Long/Short Equity Not disclosed Alberto La Rocca (CEO)
$3.7bn Not disclosed
Percentage change No. of FoFs managed
16.2% Not disclosed

Location (principal office location in bold): Dublin, New York, London, Geneva, Milan

46= Unigestion
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$3.1bn 1971
AUM 30 Jun 09 (US$) Employees Uni-Hedge Diversified Uni-Hedge Arbitrage Diversified, Tactical Trading, Arbitrage, Equity Nil Bernard Sabrier (Chairman)
$2.6bn 38 (hedge fund side) Uni-Hedge Defensive TT Uni-Hedge Commodity Alpha Hedge, Credit Hedge Patrick Fenal (CEO)
Percentage change No. of FoFs managed Horizon Tactical Trading Horizon Credit Hedge Philippe Gougenheim (Head of Hedge Funds)
19.2% 15 Horizon Equity Hedge

Location (principal office location in bold): Geneva, London, New York, Paris, Singapore, Guernsey

48 Liongate Capital Management


AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$2.8bn 2003
AUM 30 Jun 09 (US$) Employees Liongate Multi-Strategy Fund Multi-Strategy, Market Neutral, Commodities Nil Randall Dillard (Co-Founder and CIO)
$2.1bn 46 Liongate Select Fund Jeff Holland (Co-Founder)
Percentage change No. of FoFs managed Liongate Defensive Fund Ben Funk (Head of Research)
33.0% 4 Liongate Commodities Fund

Location (principal office location in bold): Geneva, London, Paris

49 Cadogan Management
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$2.7bn 1994
AUM 30 Jun 09 (US$) Employees Cadogan Alternative Strategies Trust Credit, Dedicated Short Bias, Distressed Not disclosed Stuart Leaf (Executive Chairman & Founder)
$3.6bn 62 Securities, Diversified, Event Driven, Long Bias, John Trammell (CEO)
Percentage change No. of FoFs managed Long/Short Equity, Multi-Strategy, Opportunisitic Paul Issac (CIO)
25.0% Not disclosed

Location (principal office location in bold): New York

50 Gems Advisors
AUM 31 Mar 10 (US$) Founded Sample fund name(s) Key strategies utilised Advisory (US$) Founders/principals
$2.6bn 1987
AUM 30 Jun 09 (US$) Employees Gems Low Volatility Multi Strategy, Relative Value, Distressed, Credit, Not disclosed Miguel Abadi
$2.9bn 56 Gems Recovery 'Best Ideas', Multi-Strategy including Macro, Dr David Goldfarb
Percentage change No. of FoFs managed Gems Perennial Deep Value, Equity Long/Short
10.3% Not disclosed Gems Global

Location (principal office location in bold): Nassau, London, Tel Aviv, Buenos Aires, Sao Paolo, Singapore

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