UBS Tops Hedge Fund Manager Rankings

by Philip Morton, Investors Offshore.com, London

02 January 2004

A recently-issued ranking of global hedge fund of fund groups puts Zurich-based UBS in the number one slot, with US$17.5 billion in funds of funds run through four business units. UBS has beaten out last year's number one group, London-based Man Investments, in second place this year with more than $15 billion in hedge fund assets run through Chicago-based Glenwood Capital Investments and subsidiary RMF Investment Management in Switzerland.

Appearing in the top ten for the first time at number 3 is HSBC Private Banking Holdings (Suisse), based in Geneva, with more than $9 billion under management, most of it in advisory mandates. In fourth and fifth slots are Seattle's Quellos Capital Management and Ivy, up two places since last year.

Another survey conducted by Goldman Sachs International and Russell Investment Group found that half of corporate and public pension plans investing in hedge funds did so through a fund-of-funds. Major investors such as CALPERS want to increase their hedge fund exposure, but seek quality and stability in their managers. "There is tremendous pent-up demand for institutional-quality funds of funds, so I see demand accelerating for top-tier firms," says Carrie McCabe, president of McCabe Advisors, a New York adviser to hedge funds and their investors.

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