billion dollar club

Blackstone tops
lean and clean
fund of funds
rankings
Manager selection beyond the brand
names with a twist of macro view is the
winning cocktail for the future
By JViki
JVatarajan
28 September 2010
he fund of funds industry, as represented by
the largest players with more than $1 billion
in assets, is still a force to be reckoned with
despite the hostile asset raising environ-
ment and the challenging markets of 2010.
The once titanic trillion dollar fund of funds
industry has emerged as a leaner and clean-
er group of savvier investors with $595 bil-
lion divided among 106 of the largest players.
Reflecting the new maturity of the fund of funds indus-
try, where true performance is now rewarded with assets,
discretionary managers, particularly independent firms,
are enjoying a renaissance. As a statement of this trend,
Blackstone Alternative Asset Management is now the larg-
est fund of funds in the world, with assets of $28.51 bil-
lion and a growth rate in the first six months of2.29%.
Blackstone's fund of funds business, which is run by
Tom Hill in New York, has been the largest discretionary
independent fund of funds for at least a year, but HSBC
Alternative Investments and UBS Global Asset Manage-
ment A&Qmix both advisory and discretionary, which in
the past have given larger overall totals. Yet, despite this,
Blackstone has proven that pure fund management, rath-
er than distribution, is the key to winning assets in 2010.
In the fund of funds industry at least, successful mana-
gers are those, like Blackstone, that are focusing on per-
formance rather than asset gathering. For example, En-
Trust Capital Diversified Fund, which is run by New
Invest Hedge
J
i
I
{
28.51
26.83
2411
22.95
20.82
__________
__________________
GAM Multi-Man er ''' 17.00
BlatkRockAltemaoye .""MI=iso,_,rs "'-------------"16==.8"' 0--1 _ -==---i---==-
1
- -""-'=--
=rli"'-Co,_. ____ _ _, 16,.6"- 0---i ----"= --i--'=-+ --""-='--
Unlon Bancalre Prlvee 16.10
1\2ior 1\sset M 15.03
=== =-""--------------------'- 14"" .2"- 0 -1 17.10
MI!Slrow Advanced Strategies 12.40
Amundl Altematlve Investments 11.54
CrerlitSulsse 11.00
Aurora lnvestmEI!t 9.65
K2 Advisors 8.71
Financial Risk Mana ement 8.63
Pictet & Oe 8.12
7.94
Gottex Fund ement 7.64
The capital Holdings Funds/Edmond de Rothschild lirou 7,50
ElM 7.40
7.40
EII1EIIt 7.30
7.20
FaucllierPartners 7.03
Silver Creek Capital 6.70
==="--------------------"3"-'.Sc:_ 3 -1 3.49
=== ===---------------=3.5"' 0--1 4.30
3.25
3.30
3.20
3.08
3.00 3.00
3.00 2.70
0.00%
liJl%
billion dollar club
Pine lirove M5ociates
Total 595.18
(1) Total alternative assets including custody $33.211bn (2) Excluding GLG FOHF assets (3) The merged Citigroup and SkyBridge Assets ( 4) EACM Advisor and MGAI Assets under BNY brand (5) Now part of F&C Asset Management
Footnotes: = Estimated numbers "= From latest SEC Listing "' = 31 March 2010 Bold = New entrants in 2010
Source: lnvestHedge
lnvestHedge September 2010 29
billion dollar club
York-based EnTrust Capital, was up 3.6% in
June, 33.77% for the past 12 months and 5.94%
for the year to the end of June, the period over
which it also grew assets by 2.17%. Magnitude
Capital, which has added 5% to its assets in six
months, is another good example of this (see
Profile, page 42).
Following the mass destruction of wealth in
the past few years, the savvier fund of funds
managers are looking for opportunities in the
rubble, such as the credit and distressed space
and in the structures they offer, including cus-
tomised accounts and co-investments, as well
as harnessing the power of the managers in
which they invest.
A powerful example of this is the gold share
class introduced by the Capital Holdings Group,
which has seen its assets under management
grow by $1.3 billion, equivalent to 21%. The
Leveraged Capital Holdings G share class was
up 1% in June, 40% for the past 12 months and
13.16% for the year to the end of June.
The InvestHedge Billion Dollar funds of
funds rankings may now only have 106 mem-
bers, a third less in number and half of the
assets than it had in our June 2008 survey, but
50 firms had positive growth in assets in the
first six months of the year. The 50 firms,
equivalent to 47% of the universe with $334.3
billion under management, added $24.7 bil-
lion, or 7.97%. Taking into account the 11
firms that had flat growth, 61 funds of funds
added $25.7 billion, equivalent to a growth
rate of 7.56%.
Of this universe, 17%, or 18 fund manage-
ment groups, posted asset growth of 10% or
more, while 10 funds of funds, equivalent to
just less than 10% of the universe of billion
dollar firms, recorded asset growth of 20% or
more. The one striking feature of the June
2010 survey is that there is only one new en-
trant, and a re-entrant at that. Tarchon Capital
Management is not only the only new entrant
in the survey with total assets now at $1.41
billion, but also the fastest grower with an as-
set growth rate of 84.3%.
"Our growth through the first half of 2010
has been very pleasing given the hostile fund
raising environment, particularly in Europe,"
said Alberto Marolda, chief executive and
chief investment officer ofTarchon. "We have
made significant improvements to our due
diligence, portfolio and risk management
processes over the past two years. The new in-
stitutional mandates we have been awarded
strongly support and validate the changes im-
plemented. Our business model continues to
focus on discretionary portfolio management
for our existing clients but also now focuses
on customised solutions for clients who are
already invested in hedge funds or with new
capital to deploy." In April, Tarchon an-
nounced the launch of the Tarchon Asia Fund
and then the Tarchon Resources Fund, reflect-
ing the firm's view that both markets were
growth areas over the long term.
A few other firms showed a stellar growth in
assets, although BNY Mellon Asset Manage-
ment's asset growth of 41.9% can be attribut-
ed to the merger ofEACM Advisors and Mellon
Global Alternative Investments. The new total
of $3.7 billion does not include the now al-
most defunct Amaranth and Madoff-hit busi-
ness of Ivy Asset Management, which is in the
process of being unwound. Derek Stewart and
Scott MacDonald, who joined BNY Mellon in
2001 and ran MGAI, are understood to have
left and formed their third fund of funds
thought to be called Carduus Capital.
Advanced Portfolio Management in New
York and Chicago-based HFR Asset Manage-
ment have grown by 40% and 41%, respective-
The new inslilufionalnwndales 1ve have been mvarded
slrong(v support and validale the changes implemented-'-'
Alberto Moralda, Tarchon
30 September 2010
ly, while Ireland's Abbey Capital, a managed
futures specialist, whose flagship was Jn-
vestHedge Fund of Fund of the Year in 2008,
saw its assets grow by 42.9%.
Looking at the Super League of funds of
funds with $10 billion or more under manage-
ment, independent discretionary funds such
as Blackstone, Grosvenor Capital Manage-
ment, BlackRocl< Alternative Advisors, Pacific
Alternative Asset Management Company and
Mesirow Advanced Strategies have all grown
in the first six months of 2010. That said,
Grosvenor, Goldman Sachs Asset Management
and Permal Investment Management have
each stayed at the same rank of fourth, fifth
and sixth, respectively. Union Bancaire Privee,
Lyxor Investment Management and Man In-
vestments, however, have fallen from the top
10 to 11th, 12th, and 13th, respectively.
The Super League, which is made up of just
16 funds of funds, houses half of the In-
vestHedge Billion Dollar FOHF Club's assets,
while the top five largest firms with $20 bil-
lion or more in assets control $123 billion,
equivalent to more than 20% of the In-
vestHedge Billion Dollar FOHF Club.
This Super League group, which has $290
billion under management, has lost $5.3 bil-
lion in assets, equivalent to a loss of 1. 79% in
the first half of the year. The majority of the
asset outflows can be attributed to bank
backed funds of funds including UBS Global
Asset Management, which is now in third
place after dominating the rankings since the
survey started in 2002, and UBP, down from
7th place.
Despite UBP's efforts at overhauling the asset
management business the Madoff legacy is
still taking its toll, which may explain a loss of
$3.2 billion, equivalent to 16.6% of its assets.
Other bank-backed funds of funds that have
seen asset outflows include Lyxor, Amundi Al-
ternative Investments and Credit Suisse.
The top five largest fund of hedge funds
firms, however, grew by 1.33% adding $1.62
billion in the first six months of 2010. HSBC
Alternative Investments has grown at the fast-
est rate of 15.32% and added $3.56 billion, ac-
counting for the largest growth, in dollar
terms, of any other firm in the entire universe
of billion dollar funds.
The boost to HSBC's business has taken it to
the second slot in terms of fund of hedge funds
assets, although it has $33.21 billion in total
alternative assets including those it has in cus-
tody. HSBC is followed by Morgan Stanley,
which added $3.42 billion, an asset growth rate
of 24.2% that has propelled it from 13th posi-
tion to 7th in the rankings in just six months.
Overall, the global billion dollar fund of
hedge funds industry lost just $3.58 billion in
assets in the first six months of 2010, reflect-
ing a drop of just 0.6%, roughly equivalent to
the performance for the funds of funds indus-
lnvestHedge
try for the year to date. The asset outflows can
be attributed to 45 firms. Only six of these,
equivalent to 5. 7% of the industry, saw asset
outflows of 20% plus, which includes Olym-
pia Capital Management, Kenmar Group, Sig-
net Capital Management, and Lyster Watson.
Twenty four firms, equivalent to 22.6% of the
billion dollar fund of funds universe saw out-
flows of 10% or more. Among the firms that
saw the largest outflows in percentage terms
are Pioneer Alternative Investments, which
has seen its chief investment officer Paolo Bar-
bieri leave, and Gems Advisors, each losing
29.2% and 24.7%, respectively, of their assets.
The first six months of 2010 saw nine firms
removed from the rankings. Promark Invest-
ment Advisors, the asset management arm of
General Motors, is now classified under the in-
stitutional investor rankings, as the New York-
based pension fund is not managing external
money and is therefore not considered a third-
party fund of funds.
Aletti Gestille Alternative, which suffered
Madoff-related losses, GLG Partners (now part
of Man Investments, although the GLG fund of
funds assets are not included in these rank-
ings) and Guggenheim Partners have not par-
ticipated in the survey for a while and have
therefore been removed to l<eep the integrity
of the findings.
Treesdale Partners, Lombard Odier Darier
Hentsch, Duemme Hedge, and Rothschild Al-
lnvestHedge
billion dollar club
---- ------- - ----- -- ...
Asset growth: The Billion Dollar Club since December 2001
2000
200

AUM ($bn}
Number of firms
1500
150
z
"2
c
3
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~
'Q
:::;: !::;,
~
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~
1000
100
500
50
,IIIII
0
>S- <0'\, <0'\, <e>"> <0.., & <e>"' < 0 ~ ~ <Cl'o <Cl'o s- s- <0' <0' <00, <00, -;-..<0
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Source: lnvestHedge
Despite the ripe environmenL.fbr consolidation, mergers
and acquisitions in the.fimds ojfunds in the year to date
hme beenfeH' andj(zr between
ternative Investment Division are the funds of
funds that have fallen below the $1 billion
dollar market but are still very much active
members of the fund of funds community.
Pamplona Capital Management and Weston
Capital Management are among the former $1
billion funds engaged in business develop-
ment to re-enter the rankings.
Given the tough asset raising environment
there are many opportunists waiting in the
wings ready to buy distressed funds of funds
that are struggling to raise assets or lift out
teams to boost asset management capabilities.
Despite the ripe environment for consolida-
tion, mergers and acquisitions in the funds of
funds in the year to date have been few and far
between.
So far only two UK asset managers with no
fund of hedge fund capabilities have bought
up businesses: Aberdeen Asset Management
bought RBS Asset Management and the old
Coutts fund of funds business; and more re-
cently F&C Asset Management bought Thames
River Capital. In the US, Citigroup's fund of
funds business has done what looks like a re-
verse takeover of emerging manager specialist
SkyBridge Capital, and GLG has merged with
Man Investments taking with it a small funds
of funds business, which once boasted more
than $1 billion in assets.
Because of the continuing asset outflow pic-
ture and choppy performance since May,
many believe that the fund of funds industry
is locked in a vicious downward circle. But on
closer inspection of the trend, all that is hap-
pening is a re-alignment in favour of perform-
ance over asset gathering - a trend that is
gaining momentum in what is slowly becom-
ing a virtuous circle.
The funds of funds of the future, those that
survive the increased competition from the
traditional consultants and direct allocators,
will be those that marry the top-down global
macro overlay with bottom-up manager se-
lection, particularly in younger, less well-
known and smaller managers (see Profile on
Larch Lane, page 40).
Done well, this becomes an alpha double-
whammy. As one manager put it: "It is not
about timing investments, it is about knowing
the cycles of all the different asset classes and
then knowing the best managers to put in the
September 2010 31
billion dollar club
Customisation: the future of hedge fund portfolio management
The more sophisticated investors
no longer want plain vanilla
global multi-strategy products,
but there is strong evidence that
end investors still need hedge
fund expertise. They just want it
delivered in a different way and
charged for in a different way.
The jury is still out as to
whether or not the traditional
consulting community can deliver
anything more than access to the
brands, but what many funds of
funds have seen is increasing
demand for a service called
portfolio completion, as well as a
continued growth in customised
hedge fund portfolios.
Portfolio completion is when a funds of funds
takes a look at either the whole investment portfo-
lio of just the hedge fund portfolio and allocates to
hedge fund managers to fill either strategy or
quantity gaps. Often this involves topping up
funds of funds allocation with additional single
manager investments in strategies, for example
CTAs or global macro, which are
going to be more active during a
given period of time.
In fact, according to the
lnvestHedge Billion Dollar Club
survey for the first half of 2010,
49% of the funds of funds in the
survey offer or plan to offer
either customised portfolios or
portfolio completion services
and a number of groups such as
Permal report that it is a growing
part of their business. Mesirow
has some 43% of its assets in
customised accounts, while
Crestline Investors has $2.3
billion in customised accounts.
Customised portfolios are a more sophisticated
version of funds of funds, which involves creating
bespoke portfolios of hedge funds according to the
needs of clients, which often includes asset
allocation and giving a macro perspective. The
pioneers of customised portfolios were ElM and
PAAMCO and the idea is to allow investors to use
hedge funds more as portfolio management tools
Managed accounts: safety or sense - they are here to stay
Determined to make sure that all the T's are
crossed and l's dotted, funds of funds too are
embracing the managed account movement, with
40.6% of the Invest Hedge Billion Dollar FOHF Club
using or planning to used managed accounts for
either all or part of their businesses. In addition to
the groups that are seen as managed account
managers, such as Lyxor Asset Management and
Amundi Alternative Investments, groups such as
LGT Capital Partners and Kenmar Group, which
have big commodity allocations, have also had
their own internal proprietary platforms.
Permal has some $4.3 billion invested via
managed accounts, including two new fund of
funds this year. The first is the Permal MMF (Lux)
Advantage Multi Strategy Fund. The Luxembourg
domiciled open ended investment vehicle has
managed accounts with more than 30 managers.
The second is the more recent Active Trading Fund,
which is a UCITS Ill fund of managed accounts.
Meanwhile, ElM has hired Deutsche Bank to help it
build LumX, which it has just launched for its hedge
fund investment business. ElM is responsible for the
creation of the platform and Deutsche Bank for
handling the servicing. Sciens Capital Management
recently bought the Partners Group platform to
grow its managed account business, while Harcourt
Investment Consulting has teamed up with WR
Group Holdings to offer managed account and due
diligence services for hedge fund investors.
32 September 2010
Lighthouse Partners was an early
adopter of managed accounts and
currently has 90 of these with its
underlying managers, which makes
it a large part of its business. Only
19.8% actively replied stating they
had no plans to adopt managed
accounts in their investment
management process.
lnvestcorp and Allstate
Investments recently took the
managed account debate one step
further discussing the merits of
separate accounts over commin-
gled funds and showing that they
can add value over benchmarks
(see lnvestHedge July/August
2010).1nvestcorp's Gurnani says that during periods
of stress, like 2008, this difference can reach 10%
per year. "Our use of managed accounts for hedge
fund investments improves returns through asset
protection and better risk management made
possible by the transparency and liquidity of
managed accounts."
In addition to reducing volatility, risk manage-
ment for managed accounts improves returns by
reducing severe drawdowns, says Gurnani, whose
firm has set up some 80 managed accounts since
1998. "Managed accounts enables investors to
rebalance their portfolios even during times of
rather than investment products. Only 11.3% of the
106 funds in the Invest Hedge Billion Dollar Club
stated that they have no active plans in this space.
Deepak Gurnani, chief investment officer and
head of hedge funds at lnvestcorp notes that 48%
of the firm's $5 billion allocated to hedge funds is
held in customised accounts, while 18% is in pure
funds of funds. In total between customised
accounts and funds of funds the firm has only $3.3
billion in fund-of-fund assets, with the rest in five
single managers.lnvestcorp, which has been
managing funds of funds since 1996, launched its
first customised portfolio for a US institutional
investor in 2006 and now has $2.3 billion in them.
"One of the key global trends we have seen in
recent years (that has been accelerated in this
post-crisis period) has been the preference of
large institutions to invest in hedge funds
through customised accounts. These investors
typically have specific requirements in terms of
risk level, liquidity, strategy exposures and
benchmarks. Furthermore, these institutions
demand a high level of transparency and
operational control. These objectives are best
met through customised accounts," says Gurnani.
stress, when some commingled
hedge funds might restrict or even
suspend redemptions."
"Managed accounts will become
the preferred way for institutional
investors to allocate to hedge
funds," says Allstate Investment's
portfolio manager for hedge funds
Christopher Vogt, who estimates
that the majority of Allstate's
hedge fund portfolio (roughly75%)
is in separate account structures.
Last year, the UK's Universities
Superannuation Scheme hit the
headlines for hiring the Man/
Credit Suisse managed account
platform, while this summer
PGGM in The Netherlands is in a $2 billion hunt for a
platform for its direct hedge fund plans.
The trouble is that not all platforms were born
equal, and many are winning business simply by
cutting fees. Running managed account platforms
is a costly business and cutting corners could lead to
problems further down the road, especially if clients
believe there is a fiduciary element to the platform.
Two institutions that decided to build their own
in-house managed account platforms after intense
research and due diligence of the existing providers
are the California Public Employees Superannuation
Scheme and Ontario Teachers' Pension Plan.
lnvestHedge
UCITS: the new face for long-only and absolute return investing
UCITS Ill is the latest fashion to split the industry
into lovers and haters. Joy Dunbar, editor of
Absolute UCITS, the new Hedge Fund Intelligence
UCITS service, believes that, unlike previous fads,
hedge fund UCITS are here to stay because
investors like the regulatory framework and its
transparent structure. "They will only increase in
popularity because institutional and retail
investors want access to alpha in a regulated
environment. They also want liquidity, transpar-
ency, legal oversight and hedge fund type
strategies wrapped in UCITS offer investors peace
of mind. Also traditional and hedge fund
managers have converged as a result of the
changing regulation and the growth of the
offshore sector," Dunbar says.
lnvestHedge took a poll of the lnvestHedge
Billion Dollar Club members to see what their
UCITS views and UCITS offering plans were (see
summary table below). Of those that replied to
the question, 43% have either launched or plan
to launch UCITS Ill funds of funds, which, if
taken as a percentage of the entire Billion Dollar
Club universe of 106, is 26.4% (see UCITS
Special Section, pages 34-36 ).
Nearly 35% of the entire survey actively replied
that they did not have any plans for UCITS Ill
UCITS FOHF launches
Fund of hedJe funds UCITS plans
-
funds of funds, equivalent to 57% of those that
replied to the question. But, 65% of those that
actively replied they had no plans were US-based
fund of hedge funds. Many US firms have said
that they either see no advantage to the structure
or believe it is a wrapper only of relevance to
European investors.
Understanding the impact of upcoming
European regulations on UCITS Ill and ability to
market funds of funds in European is going to be
hotly discussed at the Invest Hedge Forum, which
will be held at The British Museum on 21 and 22
September.
Mattia Gemma at Eurizon in Milan says: "The
growth of UCITS funds has been exponential,
even if we are at the dawn of this new phenom-
enon. Easiness, transparency, asset protection,
adequate risk management processes and
are the key success points for
Newcits and these characteristics are very
appealing for investors." He explains that UCITS
give access to modified hedge fund strategies to
investors that are not only institutional clients or
high-net-worth individuals, but potentially to
retail clients. Eurizon is the advisor for the Eurizon
Total Return Alpha Strategy, a fund of UCITS
funds that has been launched in October 2009.
Permat Investment Management Launcherl Perna! MMF (lux) AdvanmBe Fund (March 2010)
Union Bancalre Privee Plans for lJCITS FOHF Ql2QTI
Lyxor Asset ManaRement Has a numbe of UCITS vehicles
Amundi Alternative Investments Laund12d Amundl Muttlmanagersl olll'JShort ;gull}: (Feb 2010)
Gottex Fund Management Launched UOTS Ill FOHF 2010) (see reli!ted article, ClaRE! 36)
ElM New lilunches glanned
Notz, Stucki & Cie LaunchedUClTSFOHF [Feb201Q)
Aberdeen Asset Management Launched ElOOm UCIT5
Banca del Ceresio Groug Has had UCITS since 1999
Axa Investment Setto launch new fund (see related article. 36)
Harcourt Investment Consul tins! lauochedVonda UCJTS Fund (June 2010)
LGT Caoital Partners LGTCrown FuturesUCITSFund (AQ!n2010)
BlueCrest CaPital ManilJ!fment Have two UCITSFOHFs
NewFinance Capital Has a UCJTS glattorm and gtus Ol)!!s Tradl!l!i
Gems Mvlsors Plans for UCITS In
lnternatlonal Asset Manill!!!ment Plans for UCITS in the
Kalros Partners Launched Kairos Trend, aCTA &global macro UClTS
PloneeJ Allelnative Investments Plans for UCITS In the
Has a number of lJCITS vehictes
01ymgla G!Jlltal Management
..
Rnalismg details lor UCITS FOHFs (see related amde, page 35)
Kenrnar Group Set to launch commodites fund {see related article page 35) I
Kev Asset Management Setto li!unch newfundwlt:ll SEB (see related Qage 35)
Tarchon caoJtal Mani!Rement Plans for UClTS lnthe l!iQellne
S'tgn1 CapRa! Mani!Rement Se! to launch new fund (si!E related artlcle.llaR!!35)
Thames Rlw caoital Launchd UCITS FOHF(Jan 2010)
Eurizon Capital Laundled EIJ!Izon Total-Return Aloha Stra.te!1'l (Oct 2009)
Source: Invest Hedge
lnvestHedge
billion dollar club
'' It is not about timing
imcslments. it is about
ltnowing the cycles of all the
dijfcrent asset classes and
then knmving the best
managers to put in the
portfolio ) )
portfolio, as well as how to play their idiosyn-
crasies to the different cycles."
Whether or not managed accounts become the
norm and UClTS funds take off, in-depth under-
standing of complex strategies, second nature
manager selection and an eye for the next op-
portunity will be the skills that well-established,
successful funds of funds will be able to offer.
Now that access to hedge funds is being com-
moditised as hedge funds themselves become
institutional with in-house marketing teams,
and managed accounts rise in popularity,
funds of funds will no longer be paid to access
the brand names. They will, however, be paid
for in-depth due diligence and to invest in the
hidden talent of the emerging managers,
emerging markets and emerging strategies.
Indeed, the market meltdowns of the past
few years, which have caused a number of
hedge funds to close, and the cessation of pro-
prietary trading at banks has led to a renewed
pool of investment talent looking for backers
(see pwfile, page 40) and the renaissance of the
seeding and incubation business model.
Experience and track record will count and
new untested funds of funds without a seed
backer or captive assets (behind groups like
Pamplona and Prisma Capital Partners) will
struggle to gain critical mass. Even award-win-
ning performance without assets will result in
the unsustainability of smaller funds of funds,
like Eddington Capital Management, closing as
assets fell from close to $300 million to less
than half that amount (see page 30).
Hedge fund investing has not stopped, it has
just changed. The first-time investors of 2000
now have 10 years of experience and some are
starting to go directly. Indeed, according to Dam-
ien Loveday, global head of hedge fund manager
research at Towers Watson, of the $20 billion in
client assets invested in hedge funds, some 65%
is invested directly (see profile, page 18).
Funds of funds need to embrace the change
and work with it. The future of funds of
funds, once described as finely tuned cricket
bats, will be those that take their skills and
track records to their clients and work with
them. The need for hedge fund selection and
allocation expertise will not go away even if
the customised, managed account UCITS
wrapping means that the sport of hedge fund
investing has changed.
September 2010 33