Citco Fund Services took the top spot in AUA for hedge funds based in North America as 65% of Citco’s assets, $313 billion, are located in the region. Citco also took the top spot for European based hedge fund assets with $149 billion. HSBC Securities Services was by far the leader in Asia hedge fund asset administration. HSBC, with $55 billion or 25% of their business, administers more than double the Asia based hedge fund assets of Citco.
Citi and The Bank of New York Mellon round out the top 3 North American hedge fund asset administrators with $162 billion and $125 billion, respectively. New additions to the top 10 administrators of North American based assets include PFPC Alternative Investments Group with $36 billion and HSBC with $67 billion.
Notable additions to other regional top 10 lists include RBC Dexia Investor Services for Asia based hedge fund AUA. RBC reported $4.2 billion in Asia based AUA which accounts for 13% of the firm’s business. Custom House Administration & Corporate Services, based in Dublin, Ireland, administers $3.4 billion in Asia based assets landing them the 7 th rank.
There are several administrators in the HFN survey which have a high concentration of AUA in hedge funds located in one specific region. These specialized administrators deserve a mention due to their knowledge of the intricacies of the specific regions.
Investment Data Services Group (IDS) administers $2.64 billion in assets in 117 hedge funds, an increase of 12.3% in Q1 2008. The Cape Town, SA based firm administers assets for funds based primarily in South Africa, but maintains offices in Dubai as well. In addition to the hedge fund assets, IDS reported FoF AUA of $1.6 billion in 30 funds located in South Africa. Another South Africa focused hedge fund administrator is Maitland Fund Services also located in Cape Town. About half of Maitland’s hedge fund business is in funds located in South Africa. On the fund of funds side, the majority of assets are located in Europe, however they administer a small amount of FoF assets in S.A.
