Opalesque Industry Update: eVestment|HFN today announced the release of its Q4 2011 Administrator Survey, sponsored by Advent Software. The survey includes 68 administrators with a combined $5.331 trillion in alternative assets under administration (AuA). Administrators were asked to provide AuA separated by alternative investment type (Hedge Funds, Funds of Hedge Funds, Separately Managed Accounts, Alternative UCITS and Other Alternatives) on an aggregated regional basis.|
The survey found that Citco Fund Services maintained its top position as the largest hedge fund administrator and has been number one since the first survey in Q4 2008. State Street Alternative Investment Solutions and BNY Mellon Alternative Investment Services rounded out the top three. Citco Fund Services was also the largest fund of funds (FoF) administrator with BNY Mellon Alternative Investment Services, UBS Global Asset Management – Fund Services, State Street Alternative Investment Solutions and SEI completing the top five, in order. Additionally, J.P. Morgan Global Fund Services, SEI and BNY Mellon Alternative Investment Services reported large increases in Other Alternatives AuA.
Administrators reporting through December 2011 recorded a decline in total single manager hedge fund AuA of -1.5% in the second half of 2011. Reported FoF AuA also declined, -3.1% from Q2 2011. Participants reported UCITS compliant hedge fund AuA fell to $66.6 billion from $71.9 billion and separately managed accounts AuA rose to $48.4 billion from $38.9 billion. Other Alternatives AuA, including private equity funds, rose to $1.231 trillion from $921.8 billion.
By geography, North America accounted for 61.1% of reported global hedge fund AuA. Europe based alternatives administration was down sharply, with participants reporting losses of -14.2% in hedge fund AuA and -7.5% in FoF AuA. In contrast to Europe, administrators reported large up-ticks in their Asia-Pacific base with hedge fund AuA up +5.1% and FoF AuA up 40.8%. Asia-Pacific FoF AuA currently represents 1.5% of global FoF AuA.
Peter Laurelli, vice president and head of research at eVestment|HFN, said “These survey results are reflective of the global trends affecting the world’s economies and in turn hedge fund asset flows. It is interesting to note the outflows from funds based in Europe and into those in the Asia-Pacific region, which is mirrored in other investments as well.”
The results of eVestment|HFN’s next Administrator Survey are expected to be published in August 2012.