Top 25 Fund of Hedge Funds
Top 25 Fund of Hedge Funds Lose 37% in Year and a Half
The world’s biggest funds of hedge funds took a beating over the last year-and-a-half, with more than one-third of their assets evaporating.
The top 25 fund of funds managers collectively saw their assets fall 37% to $319 billion between June 30, 2008, and Dec. 31 of last year, Pensions & Investments reports. Just three of the top 25 firms saw any asset growth at all, and some saw more than half of their assets disappear as investors increasingly shy away from funds of funds and their added layer of fees.
The hardest-hit managers included Union Bancaire Privée and the Man Group, both of whom had exposure to the Bernard Madoff Ponzi scheme. The former saw its assets plummet two-thirds to $18.8 billion, while the latter, which last year restructured its fund of funds businesses, lost 62% of its assets and now manages $17.1 billion. Source
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