Top 40 Hedge Funds by Assets Under Management
| 
| 
Top 40 Fund Adminstrators by Global Hedge Fund and FOF AUA
|
Company |
Q3 2009 ($Blns) |
Q1 2009 ( $Blns) |
 % Change |
|
1) Citco Fund Services (USA) Inc.* |
$475.00 |
$440.00 |
7.95% |
|
2) State Street |
$303.00 |
$252.30 |
20.10% |
|
3) Fortis Prime Fund Solutions** |
$219.37 |
$200.50 |
9.41% |
|
4) SEI |
$217.90 |
$205.00 |
6.29% |
|
5) The Bank of New York Mellon |
$203.74 |
$199.50 |
2.13% |
|
6) Citi |
$200.00 |
$192.00 |
4.17% |
|
7) HSBC Securities Services |
$176.92 |
$173.49 |
1.98% |
|
8) Goldman Sachs Administration Services |
$163.00 |
$156.70 |
4.02% |
|
9) UBS Global Asset Management Alternative Fund Services |
$158.90 |
$153.90 |
3.25% |
|
10) SS&C Fund Services |
$131.00 |
$110.00 |
19.09% |
|
11) Caceis** |
$124.17 |
$113.49 |
9.41% |
|
12) JPMorgan Hedge Fund Services |
$102.00 |
$96.00 |
6.25% |
|
13) GlobeOp Financial Services |
$100.00 |
$91.00 |
9.89% |
|
14) Northern Trust |
$96.00 |
$84.50 |
13.61% |
|
15) BNP Paribas** |
$90.37 |
$82.60 |
9.41% |
|
16) PNC Global Investment Servicing |
$82.20 |
$75.70 |
8.59% |
|
17) Morgan Stanley |
$75.03 |
$73.00 |
2.78% |
|
18) Butterfield Fulcrum* |
$68.00 |
$75.00 |
-9.33% |
|
19) Société Générale Securities Services |
$54.00 |
$54.56 |
-1.03% |
|
20) RBC Dexia |
$49.64 |
$35.29 |
40.66% |
|
21) Custom House Global Fund Services Ltd |
$39.60 |
$24.91 |
58.97% |
|
22) NAV Consulting, Inc. |
$39.00 |
$32.00 |
21.88% |
|
23) HedgeServ |
$36.70 |
$25.00 |
46.80% |
|
24) Heritage International** |
$34.92 |
$31.91 |
9.41% |
|
25) Ophedge Investment Services* |
$33.96 |
$32.00 |
6.11% |
|
26) Omnium-Citadel Solutions LLC |
$24.55 |
$19.97 |
22.95% |
|
27) Admiral Adminstration |
$22.00 |
$30.00 |
-26.67% |
|
28) Maples Finance* |
$20.35 |
$20.49 |
-0.68% |
|
29) Spectrum Global Fund Administration** |
$19.15 |
$17.50 |
9.41% |
|
30) Trident Trust |
$18.65 |
$20.04 |
-6.94% |
|
31) Harmonic Fund Services |
$17.60 |
$19.00 |
-7.37% |
|
32) Anson Fund Managers** |
$17.46 |
$15.96 |
9.41% |
|
33) UMB Fund Services |
$17.44 |
$16.69 |
4.48% |
|
34) AIS Fund Administration |
$17.00 |
$15.50 |
9.68% |
|
35) Kaufman Rossin Fund Services, LLC |
$16.50 |
$14.70 |
12.24% |
|
36) Caledonian Global Fund Services** |
$13.90 |
$12.70 |
9.41% |
|
37) CIBC |
$13.70 |
$14.00 |
-2.14% |
|
38) Lacrosse Global Fund Services |
$13.50 |
$11.57 |
16.72% |
|
39) Meridian Fund Services |
$12.50 |
$10.61 |
17.78% |
|
40) Nottingham Investment Administration |
$10.40 |
$10.80 |
-3.70% |
|
 |
 |
 |
 |
|
Total for Top 40 |
$3,529.10 |
$3,259.88 |
8.26% |
|
* Restated Q1 2009 AUAÂ |
 |
 |
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** Estimated |
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Contributing Factors and Market Insight:
Despite record outflows at the beginning of 2009, allocations accelerated during the year as the frequency of new product launches increased. From January until September 2009 it is estimated that hedge funds grew by $33bn.
Â
There was a $270bn growth in assets under adminsitration among the top 40 hedge fund administrators during this time frame. This was due mainly to growth driven by investor demand for third party administrators, by record-breaking performance gains by fund clients, and by new product launches.
Â
Due to multiple ponzi schemes and rising competition for the modest flow of assets back into hedge funds, funds acquiesced to investor demands throughout the year for top of the line infrastructures for their investments. More and more hedge funds are opting for front to back services which are the most expensive.
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Smaller and mid-sized firms were positioned to take advantage of many fund launches under $5m, which allowed them to grow faster.  Three mid sized admins had large gains in their asset base between March 2009 and September 2009. The asset base of Custom House Group increased by 58%, HedgeServ by 46% and RBC Dexia by 40%.
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-Carbon 360 Research
* If you have any questions on fund administration, Senior Research Analyst Daniel Golyanov is available at 646-432-3331 or
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. The Carbon 360 2009 Fund Administration Fact Book is the preeminent report on fund administration.  You can view free samples and information from the Fact Book here:  http://www.carbon360.com/FAFactBook/home.do.
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