The results of the Q4 2008 HFN Fund of Funds Administrator Survey were 51 firms reporting $1.090 trillion in fund of funds assets under administration ($AuA) for 5,046 funds of funds (FoFs). This compares to Q1 2008 where 52 administrators reported $1.390 trillion in 6,562 FoFs. The difference in funds is overstated as one of the largest firms did not report the number of funds in the recent survey.

Fortis Prime Fund Solutions retained the top spot as the largest administrator of FoFs assets at the end of Q4 2008. The Dutch firm reported $183 billion in FoF $AuA, a drop of 15%. Citco kept hold of its position as the second largest FoF administrator despite the largest FoF asset drop since June of any of the top twenty firms. Citco reported assets of $125 billion in 500 funds, a decline of 38% over the last six months including a drop of 45 funds from the prior survey. UBS Global Asset Management – Fund Services rounds out the top three with $110.9 billion in 346 funds, an $AuA decline of 28% from June. Citi with $75 billion and SEI with $70 billion complete the top five.

Not every firm reported information for both June and December, but those in the top twenty that did reported an average decline of 23% which is worse than the drop of 19% reported by the top twenty hedge fund administrators. Average fund size for the top twenty FoF firms was $182.48 million which was slightly higher than the average reported HF size of $178.6 million. More evidence that the largest administrators attract the largest funds; the top five FoF administrators had average fund size of $232.3 million compared to $167.1 million for the remainder of the top twenty administrators.