The 50 largest US managers

US5O
The 50 largest US managers
US50
IN ASSOCIATION WITH
The US50
In association with Newedge Prime Brokerage Group
BILL McINTOSH
W
elcome to the third edition of The
Hedge Fund Journal’s US50 published
in association with Newedge Prime
Brokerage Group. Much like its European equivalent,
the Europe50, the US50 is a listing of the 50 largest
US single hedge fund managers ranked by assets
under management at 31 December 2011.
Since the second edition of the US50 was
published in March 2010 the hedge fund industry
has recovered further in terms of assets under
management, returning to just over the $2 trillion
level, according to data from Hedge Fund Research.
The third edition of the US50 comes after a period of
initially strong investment performance followed by
a more volatile market environment, punctuated by
brief periods of gains and sudden investment losses.
Many of the US50 from two years ago are still
present in the third edition, although the relative
ranking of many has certainly changed. On a
comparative basis, most hedge fund firms have
gained assets over the past two years though there
are a number that have shrunk notably. Sometimes
this is due to investors withdrawing cash after
a period of fund drawdowns, other times it is
because a particular strategy may have fallen out of
favour. Conversely, the attractions of a strategy can
certainly help to attract investors.
Macro attracts investors
This is clearly the case with global macro and the
rise of Bridgewater Associates to pole position in
the US50 and indeed the global hedge fund sector.
Founded by Ray Dalio in 1975, Bridgewater rose to
the number one position in our 2012 survey: it now
manages $76.1 billion in hedge fund assets (plus a
further $45 billion in non-hedge strategies). That
marks a stunning 69% rise in assets from 31 January
2010.
The rise of Bridgewater and its reputation for being
a firm with a unique culture of excellence coincides
with the continued burst of allocations to macro
strategies. This has also happened in Europe where
macro specialist Brevan Howard Asset Management
is near the top of the leader board with $33 billion
in AUM.
“Macro strategies continue to be popular with
investors,” says Robert Kaplan, chief investment
officer of Permal Asset Management. “You have to
have a global perspective with an appreciation of
economic and political factors. It is a strategy that
continues to attract most of the assets. We are in
a period of lower volatility, but between events
on the calendar. There are events that will cause
investors to have jitters. In the fourth quarter the
US election. Post-election, the end of the Bush tax
cuts. And in the meantime there will be ongoing
2
news from Europe on refinancing. Investors are
cognisant of all the macro factors playing on
markets, so they are allocating more to macro
strategies than to all the others.”
The surge of investors embracing macro managers
was more than enough for Bridgewater to dethrone
J.P. Morgan Asset Management, the leader in the
previous US50. This time JPMAM had $45 billion
in AUM, down from $54 billion in the 2010 survey.
Coming in third and fourth place respectively were
Och-Ziff Capital Management and BlackRock. OchZiff moves up to third place from fifth with a rise
in assets to $29 billion, while BlackRock jumps to
fourth from eighth with assets of $28 billion.
Residing at fifth place in the US50 is the venerable
Soros Fund Management. It has estimated AUM of
about $25 billion. With the firm recently converting
to a family office and returning funds to investors,
Soros FM will be disappearing from the league
table of leading managers. Indeed, in early April
it was confirmed that Jonathan Soros, the son of
founder George Soros, now 82, is setting up a family
office of his own. Changing regulations, including
registration and asset position disclosures affecting
hedge funds in the US, are expected to drive the
evolution of new structures for the foreseeable
future. Being less burdensome with respect to
regulation and disclosure, the family office structure
looks certain to enjoy growing appeal for both
established wealth creators and investors able to
allocate substantial sums of capital.
Varied strategy hedge funds
The flow of funds to macro and commodity trading
advisor strategies reflects how managers in these
areas feel comfortable providing investors with
active liquidity. Macro funds, in particular, have
matched that liquidity with strong returns even
if CTAs have found it much more difficult to find
trends and harness them to generate performance.
Post-2008 it is no surprise why investors continue to
prefer strategies concentrated on the liquid end of
markets.
Among the hedge fund firms in the top half of the
US50, in particular, there are a substantial number
which employ a multi-strategy approach to running
money. BlackRock, for example, has expanded far
beyond its roots and now offers a wide variety of
strategies. Its single manager hedge funds sit within
BlackRock Alternative Investors, a $100 billion-plus
colossus that also includes funds of hedge funds,
commodities and real estate.
“The leading hedge funds are by and large firms
with a multi-strategy flavour,” says a portfolio
manager with a major fund of hedge funds, who
notes that these firms have lots of infrastructure
and access to plentiful liquidity. “It shows the way
forward is to be a multi-strategy fund. If investors
want to avoid funds of funds they can go to the
big names and get a lot of options. The top hedge
funds have become, shall we say, varied strategy
with the name recognition that investors can feel
comfortable with.”
It is not to say, however, that all firms embracing a
multi-strategy investment style have performed well
or grown assets. Perhaps the most notable among
these firms is Paulson & Co. Though John Paulson
profited mightily from the US sub-prime implosion,
a raft of new funds and new strategies in existing
funds have endured an extremely chequered run.
The result is that Paulson’s assets fell to $22.6
billion from $32 billion in 2010, lowering its
ranking to seventh from third. In a similar vein,
DE Shaw Group has lost substantial ground in
terms of AUM even though the firm has introduced
more advantageous terms on some funds for its
institutional investor client base.
AUM, fund numbers growing
But the overall picture for US hedge funds is
one of growth, both in terms of the new funds
being launched and the assets being allocated to
managers, data from HFR shows. Indeed, there is
growing anecdotal evidence that funds of hedge
funds are investing more and more in smaller
managers in order to bolster their value proposition
to investors.
“The first thing to say about flow trends is that we
see investors coming back to hedge funds,” says
Stefan Keller, head of managed account platform
research and external relations with Lyxor Asset
Management. “The third quarter of 2011 was
terrible for outflow, but the fourth quarter saw
recovery and that carried on through January and
February. March was stabilising but on a rising
trend. Overall, the first quarter of 2012 shows a
stronger continuation of what we saw begin in the
fourth quarter of last year.”
Many readers will realise that the US has a stringent
legal framework in terms of what information funds
can and cannot provide. For this reason, many of the
hedge funds contacted for this survey were anxious
to avoid doing anything that could be construed as
solicitation. Though a majority of firms were prepared
to provide AUM data, they were more reluctant to
provide information about fund names, strategies
and portfolio managers. As a result, The Hedge Fund
Journal has sourced this information from other
sources and sought to verify it where possible.
In closing, we would like to thank Newedge Prime
Brokerage Group for its continued support of this
survey. THFJ
US50
1
IN ASSOCIATION WITH
Bridgewater Associates
AUM 31 December 11
$76.1 bn
AUM 31 January 10
$45.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Pure Alpha strategy
Pure Alpha Major Markets strategy
All Weather 12% strategy
$57.1 bn
$14.2 bn
$4.8 bn
Ray Dalio, Bob Prince,
Greg Jensen
Global Macro
Ray Dalio
Bob Prince
Greg Jensen
Location Westport, CT
2
JP Morgan Asset Management
AUM 31 December 11
$45.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Relative Value
Equity Long/Short
Macro
Distressed Securities
Merger Arbitrage/Event Driven
Short Selling
Not disclosed
AUM 31 January 10
$54.0 bn
Location New York, NY
3
Och-Ziff Capital Management
AUM 1 January 12
$29.0 bn
AUM 31 January 10
$24.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
OZ Master Fund
OZ Europe Master Fund
OZ Asia Master Fund
OZ Global Special Investments Master Fund
Not
disclosed
Daniel Och
Multi-Strategy
Daniel Och
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Diversified Fixed Income
European Opportunities
Credit
Emerging Europe
Natural Resources
UK Emerging Companies
UK Equity
Larry Fink
Location New York, NY
4
BlackRock
AUM 31 December 11
$28.0 bn
AUM 31 January 10
$21.4 bn (est)
Location New York, NY
5
Soros Fund Management
AUM 31 December 11
$25.0 bn (est)
AUM 31 January 10
$27.5 billion (est)
Location New York, NY
3
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Quantum Fund
Not
disclosed
Not disclosed
Global Macro
George Soros
US50
6
IN ASSOCIATION WITH
Baupost Group
AUM 31 December 11
$24.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Equity Value
Seth Klarman
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Paulson Advantage Funds
Paulson Credit Opportunities Funds
Paulson Partners Funds
Paulson Recovery Funds
Paulson Gold Fund
Not
disclosed
John Paulson
Not disclosed
John Paulson
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Multi-Strategy
John M. Angelo
Michael L. Gordon
AUM 31 January 10
$22.0 bn
Location Boston, MA
7
Paulson & Co
AUM 31 December 11
$22.6 bn
AUM 1 January 10
$32.0 bn
Location New York, NY
8
Angelo, Gordon & Co
AUM 31 December 11
$21.1 bn
AUM 31 January 10
$21.2 bn
Location New York, NY
9
Renaissance Technologies
AUM 31 December 11
$20.0 bn (est)
AUM 31 December 09
$15.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Renaissance Institutional Diversified Alpha
Fund
Renaissance Institutional Equities Fund
Renaissance Institutional Futures Fund
Renaissance Medallion Fund
Not
disclosed
Not disclosed
Statistical Arbitrage
Long/Short Equity
Equity Market Neutral
James Simons
Location East Setauket,
NY
10=
Farallon Capital Management
AUM 31 December 11
$19.2 bn
AUM 31 January 10
$20.6 bn
Location San Francisco,
CA
4
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Credit
Merger Arbitrage
Long/Short Equity
Special Situations
Real Estate
Thomas Steyer
Andrew Spokes
US50
10=
IN ASSOCIATION WITH
Elliott Management Corp
AUM 31 December 11
$19.2 bn
AUM 31 January 10
$16.4 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Elliott Associates, L.P.
Elliott International, Limited
Not
disclosed
Not disclosed
Multi-Strategy
Paul Singer
Location New York, NY
12
King Street Capital Management
AUM 1 January 12
$17.6 bn
AUM 31 January 10
$19.2 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
King Street Capital, L.P.
King Street Capital, Ltd
$6.2 bn
$10.5 bn
Brian J. Higgins
O. Francis Biondi Jr.
Long/Short Credit
Event Driven
Brian J. Higgins
O. Francis Biondi Jr.
Location New York, NY
13
Davidson Kempner Capital Management
AUM 31 December 11
$16.0 bn (est)
AUM 31 January 10
$10.0 bn (est)
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Davidson Kempner European Partners Fund
Davidson Kempner Event Driven Equities Fund
Davidson Kempner Institutional Partners Fund
Davidson Kempner Distressed Opportunities
Fund
Not
disclosed
Not disclosed
Event Driven
Merger Arbitrage
Long/Short
Convertible Arbitrage
Thomas Kempner
Marvin Davidson
Location New York, NY
14
Goldman Sachs Asset Management
AUM 31 December 11
$15.3 bn
AUM 31 December 09
$17.8 bn (est)
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Global Alpha
North American Equity Opportunities
Not
disclosed
Not disclosed
Long/Short Equity
Macro
Not disclosed
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
D. E. Shaw Multi-Asset Fund
D. E. Shaw Terella Fund
D.E. Shaw Composite Fund
D.E. Shaw Heliant Fund
D.E. Shaw Oculus Fund
Not
disclosed
Not disclosed
Multi-Strategy
Statistical Arbitrage
Event Driven
Macro
Fixed Income Arbitrage
David E Shaw
Location New York, NY
15=
DE Shaw Group
AUM 31 December 11
$22.0 bn (est)
AUM 1 January 10
$23.6 bn
Location New York, NY
5
US50
15=
IN ASSOCIATION WITH
Moore Capital
AUM 31 December 11
$15.0 bn
AUM 1 January 10
$14.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Moore Emerging Market Fund
Moore Global Investors Fund
Moore Macro Managers Fund
Not
disclosed
Louis Bacon
Greg Coffey
Global Macro
Emerging Markets
Louis Bacon
Location New York, NY
17
AQR Capital Management
AUM 31 December 11
$14.5 bn *
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Not disclosed
Cliff Asness
David Kabiller
John Liew
AUM 31 January 10
Not disclosed
Location Greenwich, CT
*Hedge Fund assets have been scaled to 10%
volatility
18
Convexity Capital Management
AUM 31 December 11
$14.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Convexity Capital Offshore
Not
disclosed
Not disclosed
Multi-Strategy
Jack Meyer
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Viking Global Equities
Not
disclosed
Not disclosed
Long/Short Equity
Andreas Halvorsen
David Ott
AUM 31 January 10
$9.0 bn (est)
Location Boston, MA
19
Viking Global Investors
AUM 31 December 11
$13.8 bn
AUM 31 January 10
$11.5 bn
Location Greenwich, CT
20
York Capital Management
AUM 1 January 12
$13.6 bn
AUM 1 January 10
$11.4 bn
Location New York, NY
6
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
York Multi-Strategy
York Credit Opportunities
York European Opportunities
York Asian Opportunities
York Total Return
Not
disclosed
Not disclosed
Event Driven
James Dinan
US50
21
IN ASSOCIATION WITH
Millennium Partners
AUM 31 December 11
$13.5 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Millennium International / USA
Not
disclosed
Not disclosed
Multi-Strategy
Israel Englander
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
US Distressed Strategy
Europe Distressed Strategy
Asia Distressed Strategy
$5.9 bn
$4.1 bn
$1.8 bn
Rob Symington
Richard Furst
Mark R. Harris
Distressed
Marc Lasry
Sonia E. Gardner
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Multi-Strategy / Event Driven
(Credit Focus)
Joshua Friedman
Mitchell Julis
AUM 31 January 10
$7.5 bn
Location New York, NY
22
Avenue Capital
AUM 31 December 11
$13.2 bn
AUM 31 December 09
$18.6 bn
Location New York, NY
23
Canyon Capital Advisors
AUM 31 December 11
$12.6 bn
AUM 31 January 10
$11.9 bn
Location Los Angeles,
CA
24=
Eton Park Capital Management
AUM 31 December 11
$12.0 bn
AUM 1 January 10
$13.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Eton Park Overseas Fund
Eton Park Offshore Fund
Eton Park Master Fund
Not
disclosed
Not disclosed
Multi-Strategy
Eric Mindich
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Appaloosa Investment I
Palomino Fund
Thoroughbred Master Fund
Thoroughbred Fund LP
Not
disclosed
Not disclosed
Distressed
Event Driven
David Tepper
Location New York, NY
24=
Appaloosa Management
AUM 31 December 11
$12.0 bn
AUM 31 January 10
$12.0 bn
Location Short Hills, NJ
7
US50
24=
IN ASSOCIATION WITH
SAC Capital Advisors
AUM 31 December 11
$12.0 bn (est)
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
International Fund
Not
disclosed
Steven A Cohen
Multi-Strategy
Long/Short Equity
Fixed Income Credit
Global Macro
Convertible Bonds
Emerging Markets
Steven A Cohen
AUM 31 January 10
$12.5 bn (est)
Location Stamford, CT
25=
Wellington Management
AUM 31 December 11
$11.0 bn
AUM 31 January 10
$10.5 bn (est)
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Archipelago Partners
Bay Pond Partners
Iguazu Partners
Pagosa Partners
Placer Creek Partners
Not
disclosed
Not disclosed
Multi-Strategy
Long/Short Equity
Commodities
Emerging Markets
Perry Traquina
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Citadel Kensington Global Strategies Fund Ltd.
Citadel Wellington LLC
Not
disclosed
Not disclosed
Multi-Strategy
Ken Griffin
Location Boston, MA
25=
Citadel LLC
AUM 31 December 11
$11.0 bn
AUM 31 January 10
$12.5 bn
Location Chicago, IL
25=
Highfields Capital Management
AUM 31 December 11
$11.0 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Not disclosed
Jonathon Jacobson
AUM 1 January 10
$9.3 bn
Location Boston, MA
30
GoldenTree Asset Management
AUM 31 December 11
$10.4 bn
AUM 31 January 10
$9.8 bn
Location New York, NY
8
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Credit
Steven Tananbaum
US50
31
IN ASSOCIATION WITH
Tudor Investment Corporation
AUM 1 January 12
$10.3 bn
AUM 31 January 10
$11.5 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
The Tudor BVI Global Portfolio L.P.
Tudor Tensor Portfolio Ltd. & Tensor Managed
Accounts
$8.1 bn
$1.1 bn
Paul Tudor Jones
Steve Evans
Global Macro
Quantitative Managed Futures
Paul Tudor Jones
Location Greenwich, CT
32=
Anchorage Capital Group L.L.C.
AUM 31 December 11
$10.0 bn
AUM 31 January 10
Not disclosed
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Anchorage Capital Partners Funds
Anchorage Short Credit Funds
Anchorage Illiquid Opportunities Funds
Not
disclosed
Kevin Ulrich
Tony Davis
Dan Allen
Credit-Focused
Long/Short
Distressed
Special Situations
Kevin Ulrich
Tony Davis
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Maverick Fund
Maverick Levered Fund
Maverick Long Fund
Maverick Neutral Fund
Maverick Neutral Levered Fund
Not
disclosed
Lee Ainslie III
Long/Short Equity
Lee Ainslie III
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
ESL Partners
Not
disclosed
Not disclosed
Distressed
Edward Lampet
William Crowley
Location New York, NY
32=
Maverick Capital
AUM 31 December 11
$10.0 bn (est)
AUM 31 January 10
$10.0 bn (est)
Location Dallas, TX
32=
ESL Investments
AUM 31 December 11
$10.0 bn (est)
AUM 31 January 10
$10.5 bn (est)
Location Greenwich, CT
32=
Pershing Square Capital Management
AUM 31 December 11
$10.0 bn (est)
AUM 31 January 10
Not disclosed
Location New York, NY
9
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Pershing Square Fund
Pershing Square II
Pershing Square International
Not
disclosed
Not disclosed
Not disclosed
William Ackman
US50
36
IN ASSOCIATION WITH
Caxton Associates LP
AUM 1 January 12
$9.3 bn
AUM 1 January 10
$7.3 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Caxton Global Investments
A.R.T. International Investors
Caxton HAWK (Diversified)
Wadhwani Asset Management
$7.1 bn
Andrew E. Law
Aaron Sosnick
Jeffrey Enslin
Sushil Wadhwani
Global Macro
Statistical Arbitrage
Quantitative Macro
Quantitative Macro
Bruce Kovner (retired)
Peter D'Angelo (retired)
Andrew E. Law
Location New York, NY
37=
Bain Capital/Brookside Capital Partners
AUM 31 December 11
$9.0 bn (est)
AUM 31 January 10
$10.5 bn (est)
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Brookside Capital Partners Fund
Brookside Capital Partners Fund II
Sanakty Advisors Prospect Harbour
Absolute Return Capital Partners
Not
disclosed
Not disclosed
Not disclosed
William Romney
Coleman Andrews
Eric Kriss
Location Boston, MA
37=
Grantham, Mayo, Van Otterloo (GMO)
AUM 31 December 11
$9.0 bn (est)
AUM 31 January 10
$8.5 bn (est)
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
GMO Aggressive Long/Short Strategy
GMO Emerging Currency Hedge Fund
GMO Fixed Income Hedge Fund
GMO Multi-Strategy Fund
GMO Credit Opportunities Fund
Not
disclosed
Not disclosed
Long/Short
Emerging Currency
Fixed Income
Multi-Strategy
Credit
Jeremy Grantham
Richard Mayo
Eyk van Otterloo
Location Boston, MA
39
Cerberus Capital Management
AUM 31 December 11
$8.8 bn (est)
AUM 31 January 10
$8.8 bn (est)
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Cerberus International
Cerberus Partners
Styx International
Styx Partners
Not
disclosed
Stephen Feinberg
Distressed
Stephen Feinberg
William L. Richter
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Not disclosed
John Overdeck
David Siegel
Location New York, NY
40=
Two Sigma Investments
AUM 01 January 12
$8.5 bn
AUM 31 January 10
Not disclosed
Location New York, NY
10
US50
40=
IN ASSOCIATION WITH
INVESCO Asset Management
AUM 31 December 11
$8.5 bn (est)
AUM 31 January 10
Not Disclosed
Location Atlanta, GA
42
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
INVESCO ABS Oppoutunity Fund
Invesco Absolute Return Fund
Invesco Large Cap Core Directional Long/Short
Fund
Invesco Small Cap Core Directional Long /
Short Fund
Invesco US Equity Market Neutral Fund
Not
disclosed
Not disclosed
Not disclosed
Charles Brady
Martin L. Flanagan
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Taconic Capital Partners
Taconic Capital Partners 1.5
Taconic Market Dislocation Fund II
Taconic Offshore Fund
Taconic Opportunity Fund
Not
disclosed
Not disclosed
Not disclosed
Kenneth Brody
Frank Brosens
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Multi-Strategy
Event Driven
Fixed Income
Energy
Alec Litowitz
Ross Laser
David Snyderman
Taconic Capital Advisors
AUM 31 December 11
$8.2 bn (est)
AUM 31 January 10
$7.0 bn (est)
Location New York, NY
43
Magnetar Capital
AUM 1 January 12
$8.1 bn
AUM 31 January 10
Not disclosed
Location Evanston, IL
44
Mason Capital Management
AUM 31 December 11
$8.05 bn
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Event Driven
Kenneth Garschina
Michael Martino
AUM 31 January 10
Not disclosed
Location New York, NY
45=
Adage Capital Management
AUM 31 December 11
$8.0 bn (est)
AUM 31 January 10
$9.0 bn (est)
Location Boston, MA
11
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Adage Capital Partners
Not
disclosed
Not disclosed
Not disclosed
Phil Gross
Robert Atchinson
US50
45=
IN ASSOCIATION WITH
Marathon Asset Management
AUM 31 December 11
$8.0 bn (est)
AUM 31 January 10
Not disclosed
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Marathon Asia Fund
Marathon Credit Opportunity Fund
Marathon EM Opportunity Fund
Marathon Securitized Credit Fund
Marathon Special Opportunity Fund
Not
disclosed
Not disclosed
Opportunistic Credit
Bruce Richards
Louis Hanover
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Not disclosed
Not
disclosed
Not disclosed
Long/Short Equity
Stephen Mandel
Location New York, NY
45=
Lone Pine
AUM 31 December 11
$8.0 bn
AUM 31 January 10
$8.0 bn (est)
Location Greenwich, CT
48
Graham Capital Management
AUM 31 December 11
$7.7 bn
AUM 31 January 10
Not disclosed
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Graham K4D-15V Portfolio
Graham Discretionary-6V Portfolio
Graham Discretionary-12V Portfolio
Graham Proprietary Matrix-10V Portfolio
$3.5 bn
$680.8 m
$911.1 m
$764.6 m
Not disclosed
Macro
Kenneth G. Tropin
Location Rowayton, CT
49=
Third Point Management
AUM 31 December 11
$7.5 bn
AUM 31 January 10
Not disclosed
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Third Point Offshore Fund, Ltd
Third Point Partners L.P.
Third Point Partners Qualified L.P.
Third Point Ultra Ltd.
$4.4 bn
$269 m
$1.2 bn
$1.1 bn
Daniel S. Loeb
Event Driven
Equity Special Situations
Credit
Daniel S. Loeb
Principal Fund(s)
Size ($b)
Fund Manager(s)
Strategy/style
Founders/Principals
Greenlight Capital
Greenlight Capital Offshore
Greenlight Capital Qualified
Not
disclosed
Not disclosed
Long/Short Equity
Distressed
David Einhorn
Location New York, NY
49=
Greenlight Capital
AUM 31 December 11
$7.5 bn (est)
AUM 31 January 10
Not disclosed
Location New York, NY
12