HedgeFund.net is proud to present the Q3 2007 HFN Hedge Fund Administrator Survey, our second survey of hedge fund industry administrators. The survey ranks 58 of the largest hedge fund administrators and 51 fund of funds administrators. The study will continue to be conducted bi-annually and coincide with a quarterly HFN Asset Flow Report. The combination will produce the most accurate, in-depth study of hedge fund industry assets available.
Brave New World
By Chris Glynn – Reporter, HedgeFund.net
The Top Ten Lists:
Includes overall and regional leaders, regional focus and fastest growing for both hedge fund and fund of funds assets:
Top Ten Rankings - Hedge Fund Administrators
Top Ten Rankings – Fund of Funds Administrators
Printable Survey Results:
A printable PDF containing the broad hedge fund administrator ranking table including regional $AUA and Q/Q growth rates.
The results of the study show administered hedge fund assets (excluding double counting of fund of funds assets) have far surpassed the $2 trillion mark and stand at $2.562 trillion at the end of Q3 2007. The study also finds that the total number of administered single manager hedge funds is estimated at over 12,400.
The Q3 2007 survey spans the second quarter of 2007 through the third quarter of 2007. The survey covers only individual hedge funds (HF) and fund of hedge funds (FoF) and excludes other alternative investments such as venture capital, private equity, real estate, and investment schemes such as UCITS, etc.
The breadth of the study reaches not only hedge fund and fund of funds assets under administration (AUA), but also breaks down the top ten in each category by region in which fund assets are domiciled; U.S., Europe and Asia. Additionally, the study measures quarterly growth, total number of administered funds, regional specializations, and up-and-comers in both the hedge fund and fund of funds categories.
In association with these findings, and through an additional survey of US-based hedge funds to determine an estimated percentage of the overall industry which is not covered by administrators, HedgeFund.net estimates total hedge fund industry asset figure to $2.68 trillion and estimates the total number of hedge funds to be well over 13,000.
| Hedge Fund Administrators Ranked by $AUA | HF AUA ($bn) Q3 2007 |
Q/Q Growth | Hedge Funds | Average Fund Size ($mm) |
| Citco Fund Services | $ 436.000 | 5.06% | 1515 | $ 287.79 |
| HSBC Securities Services | $ 228.979 | NA | 880 | $ 260.20 |
| Citi's Hedge Fund Services | $ 228.793 | 4.37% | 969 | $ 236.11 |
| IFS, A State Street Company | $ 208.007 | 8.86% | 390 | $ 533.35 |
| Goldman Sachs Administration Services | $ 191.000 | 2.41% | NA | NA |
| The Bank of New York Mellon | $ 136.200 | NA | 417 | $ 326.62 |
| Fortis | $ 125.650 | 2.76% | 982 | $ 127.95 |
| CACEIS Investor Services | $ 101.030 | -3.14% | 609 | $ 165.89 |
| SS&C Fund Services | $ 95.000 | 11.76% | 685 | $ 138.69 |
| UBS Global Asset management- Fund Services | $ 79.972 | 14.51% | 516 | $ 154.98 |
| GlobeOp Financial Services1 | $ 66.300 | NA | 644 | $ 102.95 |
| PFPC Worldwide Inc. | $ 63.250 | -3.36% | 477 | $ 132.60 |
| Olympia Capital2 | $ 46.069 | -1.05% | 318 | $ 144.87 |
| JPMorgan Hedge Fund Services | $ 45.016 | 14.10% | 195 | $ 230.85 |
| SEI | $ 43.000 | 4.88% | 298 | $ 144.30 |
| US Bancorp Fund Services, LLC | $ 33.257 | 12.28% | 106 | $ 313.75 |
| Butterfield Fund Services Limited | $ 32.054 | -1.19% | 364 | $ 88.06 |
| NAV Consulting | $ 28.000 | 0.00% | 260 | $ 107.69 |
| OpHedge Investment Services, LLC | $ 27.824 | 4.46% | 19 | $ 1,464.44 |
| Custom House Admin & Corp Srvcs | $ 26.560 | 6.23% | NA | NA |
| RBC Dexia Investor Services | $ 25.391 | NA | 118 | $ 215.18 |
| Harmonic Fund Services | $ 24.500 | 2.08% | 40 | $ 612.50 |
| Trident Fund Services | $ 23.000 | 9.52% | 274 | $ 83.94 |
| Spectrum Global Fund Administration | $ 23.000 | 6.98% | 97 | $ 237.11 |
| Northern Trust | $ 18.390 | 28.60% | 119 | $ 154.54 |
| Citadel Solutions LLC | $ 17.439 | 13.50% | 13 | $ 1,341.45 |
| Kaufman Rossin Fund Services, LLC | $ 15.444 | 7.25% | 140 | $ 110.31 |
| Caledonian Global Fund Services Limited3 | $ 15.000 | NA | 250 | $ 60.00 |
| Prime Management Limited | $ 14.323 | -7.38% | 58 | $ 246.95 |
| Swiss Financial Services Group | $ 14.200 | -2.74% | 131 | $ 108.40 |
| Meridian Fund Services Limited | $ 13.500 | 3.85% | 155 | $ 87.10 |
| CIBC Bank and Trust Company (Cayman) Limited | $ 12.000 | 20.00% | 120 | $ 100.00 |
| Equity Fund Services | $ 11.000 | NA | 40 | $ 275.00 |
| LaCrosse Global Fund Services | $ 10.978 | 1.88% | 35 | $ 313.67 |
| AIS Fund Administration | $ 10.000 | NA | 32 | $ 312.50 |
| HedgeWorks | $ 9.000 | 20.00% | 135 | $ 66.67 |
| Dundee Leeds Management Services, Ltd | $ 8.500 | NA | 80 | $ 106.25 |
| Viteos Fund Services | $ 7.000 | NA | 90 | $ 77.78 |
| Mourant International Finance Administration | $ 6.759 | 5.80% | 16 | $ 422.43 |
| Michael J. Liccar & Co., P.C. | $ 6.672 | 4.84% | 187 | $ 35.68 |
| BNP Paribas Securities Services | $ 6.145 | 1.77% | 36 | $ 170.69 |
| Price Meadows | $ 4.300 | 6.17% | 145 | $ 29.66 |
| Apex Fund Services Ltd. | $ 3.802 | 28.84% | 80 | $ 47.53 |
| Pinnacle Fund Administration LLC | $ 3.257 | 4.61% | 31 | $ 105.08 |
| Conifer Securities LLC | $ 3.126 | 8.86% | 68 | $ 45.97 |
| Folio Administrators Limited | $ 3.081 | 3.63% | 94 | $ 32.77 |
| Investment Data Services Group | $ 2.220 | 10.45% | 89 | $ 24.94 |
| RBC Offshore Fund Managers Limited | $ 2.184 | 4.30% | 1 | $ 2,184.00 |
| Gemini Fund Services, LLC | $ 1.442 | 1.47% | 10 | $ 144.16 |
| Banque Privee Edmond de Rothschild Europe | $ 1.095 | NA | 25 | $ 43.79 |
| G&S Fund Services | $ 0.750 | 7.14% | 26 | $ 28.85 |
| Circle Partners | $ 0.559 | -1.96% | 38 | $ 14.71 |
| Close Fund Services Limited. | $ 0.543 | -0.12% | 4 | $ 135.68 |
| Maitland Fund Services (Pty) Ltd2 | $ 0.492 | -15.78% | 10 | $ 49.21 |
| Kingsway Taitz Fund Administration | $ 0.266 | 10.83% | 15 | $ 17.73 |
| Fortune Administration | $ 0.175 | 25.00% | 4 | $ 43.75 |
| Praxis Fund Services Limited | $ 0.082 | 275.01% | 5 | $ 16.39 |
| BDO Simpson Xavier Fund Administration Services Limited | $ 0.073 | -12.36% | 4 | $ 18.24 |
| Totals | $ 2,561.649 | 12,459 |
| 1 - Estimated figure as administrator does not differentiate HF from FoF assets | ||||||
| 2 - As of August 31, 2007 | ||||||
| 3 - As of March 31, 2007 | ||||||
| NA - Data not provided by administrator | ||||||
| Fund of Funds Administrators Ranked by $AUA | FoF AUA ($b) Q3 2007 |
Q/Q Growth | Funds of Funds | AverageFund Size ($mm) |
| Fortis | $ 197.400 | 7.75% | 521 | $ 378.89 |
| Citco Fund Services | $ 174.000 | 1.75% | 530 | $ 328.30 |
| UBS Global Asset management- Fund Services | $ 115.849 | 4.96% | 294 | $ 394.04 |
| HSBC Securities Services | $ 97.842 | NA | 695 | $ 140.78 |
| Citi's Hedge Fund Services | $ 72.084 | 9.68% | 457 | $ 157.73 |
| IFS, A State Street Company | $ 61.838 | 2.35% | 142 | $ 435.48 |
| SEI | $ 57.000 | 1.79% | 350 | $ 162.86 |
| PFPC Worldwide Inc. | $ 51.750 | -3.36% | 391 | $ 132.35 |
| BNP Paribas Securities Services | $ 44.085 | 54.90% | 337 | $ 130.82 |
| Butterfield Fund Services Limited | $ 41.460 | 8.96% | 247 | $ 167.86 |
| The Bank of New York Mellon1 | $ 39.200 | NA | 231 | $ 169.70 |
| CACEIS Investor Services | $ 33.240 | 30.92% | 200 | $ 166.20 |
| JPMorgan Hedge Fund Services | $ 32.940 | 26.68% | 207 | $ 159.13 |
| Swiss Financial Services Group | $ 29.200 | 22.69% | 107 | $ 272.90 |
| SS&C Fund Services | $ 25.000 | 25.00% | 85 | $ 294.12 |
| RBC Dexia Investor Services | $ 23.665 | NA | 99 | $ 239.04 |
| Olympia Capital1 | $ 23.242 | 1.94% | 187 | $ 124.29 |
| GlobeOp Financial Services2 | $ 18.700 | NA | 175 | $ 106.86 |
| RBC Offshore Fund Managers Limited | $ 18.110 | 0.90% | 34 | $ 532.66 |
| Northern Trust | $ 17.490 | 26.74% | 94 | $ 186.06 |
| Banque Privee Edmond de Rothschild Europe | $ 13.454 | NA | 97 | $ 138.71 |
| Spectrum Global Fund Administration | $ 11.000 | 15.79% | 13 | $ 846.15 |
| US Bancorp Fund Services, LLC | $ 7.052 | -8.68% | 31 | $ 227.48 |
| CIBC Bank and Trust Company (Cayman) Limited | $ 5.000 | 25.00% | 5 | $ 1,000.00 |
| Equity Fund Services | $ 5.000 | NA | 50 | $ 100.00 |
| Close Fund Services Limited. | $ 3.699 | -2.37% | 78 | $ 47.43 |
| Maitland Fund Services (Pty) Ltd1 | $ 3.430 | 16.28% | 31 | $ 110.63 |
| Caledonian Global Fund Services Limited3 | $ 3.000 | NA | 50 | $ 60.00 |
| NAV Consulting | $ 3.000 | NA | 25 | $ 120.00 |
| Circle Partners | $ 2.465 | 2.32% | 38 | $ 64.87 |
| Michael J. Liccar & Co., P.C. | $ 2.184 | 0.93% | 45 | $ 48.54 |
| Folio Administrators Limited | $ 2.017 | 8.90% | 59 | $ 34.18 |
| HedgeWorks | $ 2.000 | 33.33% | 15 | $ 133.33 |
| BDO Simpson Xavier Fund Administration Services Limited | $ 1.872 | 15.07% | 2 | $ 935.85 |
| Price Meadows | $ 1.750 | 25.00% | 45 | $ 38.89 |
| Harmonic Fund Services | $ 1.700 | 1.19% | 13 | $ 130.77 |
| Kaufman Rossin Fund Services, LLC | $ 1.650 | 10.00% | 22 | $ 75.00 |
| Investment Data Services Group | $ 1.320 | 12.82% | 29 | $ 45.52 |
| Apex Fund Services Ltd. | $ 1.185 | 20.30% | 66 | $ 17.95 |
| Trident Fund Services | $ 1.000 | NA | 4 | $ 250.00 |
| LaCrosse Global Fund Services | $ 0.866 | 5.55% | 1 | $ 866.49 |
| Citadel Solutions LLC | $ 0.769 | 36.76% | 1 | $ 768.60 |
| Prime Management Limited | $ 0.490 | 4.70% | 7 | $ 70.00 |
| Praxis Fund Services Limited | $ 0.469 | 18.51% | 19 | $ 24.68 |
| Dundee Leeds Management Services, Ltd | $ 0.350 | NA | 7 | $ 50.00 |
| Meridian Fund Services Limited | $ 0.330 | 14.98% | 15 | $ 22.00 |
| Pinnacle Fund Administration LLC | $ 0.261 | 8.96% | 5 | $ 52.16 |
| Viteos Fund Services | $ 0.100 | NA | 2 | $ 50.00 |
| Fortune Administration | $ 0.050 | 66.67% | 2 | $ 25.00 |
| Kingsway Taitz Fund Administration | $ 0.050 | NA | 3 | $ 16.67 |
| Conifer Securities LLC | $ 0.016 | 3.77% | 1 | $ 15.84 |
| Totals | $ 1,251.624 | 6,164 |