Fund of Funds Rankings
Fund of Funds Administrators Ranked by $AUA FoF AUA ($b)
Q1 2008 		Q/Q Growth Funds of Funds AverageFund Size ($mm)
Citco Fund Services $ 192.00 3.23% 545 $ 352.29
UBS Global Asset Management- Fund Services $ 145.93 7.92% 340 $ 429.19
HSBC Securities Services $ 106.60 1.33% 693 $ 153.82
Citi $ 99.70 -1.15% 456 $ 218.63
CACEIS Investor Services $ 68.92 4.81% 571 $ 120.70
BNP Paribas Securities Services $ 63.77
NA
 326 $ 195.62
SEI $ 62.00 3.33% 375 $ 165.33
PFPC Alternative Investments Group $ 49.10 0.61% 421 $ 116.63
The Bank of New York Mellon $ 47.05 -8.88% 274 $ 171.71
Butterfield Fund Services Ltd. $ 40.87 0.72% 204 $ 200.37
JPMorgan Hedge Fund Services $ 34.56 77.85% - NA
SS&C Fund Services $ 25.00 8.70% 125 $ 200.00
Swiss Financial Services Group $ 24.94 -1.08% 130 $ 191.87
RBC Dexia Investor Services $ 24.43
NA
 106 $ 230.47
GlobeOp Financial Services 1 $ 22.00 3.09% 209 $ 105.26
Banque Privée Edmond de Rothschild Europe $ 21.84 62.31% 180 $ 121.32
European Fund Administration $ 15.72 4.27% 98 $ 160.43
Northern Trust $ 13.91 -27.64% 91 $ 152.90
Custom House Administration & Corporate Services $ 7.90 -0.41% 94 $ 84.09
Royal Bank of Canada (Channel Islands) Limited $ 7.17 1.80% 24 $ 298.91
Admiral Administration Ltd. $ 6.39 34.54% 39 $ 163.72
CIBC Bank and Trust Company $ 5.00 0.00% - NA
Equity Fund Services $ 3.92 -10.03% 65 $ 60.31
U.S. Bancorp Fund Services, LLC $ 3.68 -23.18% - NA
Maitland Fund Services AFS International $ 3.15 2.72% 49 $ 64.38
NAV Consulting, Inc $ 3.00 0.00% 25 $ 120.00
Caledonian Global Fund Services Ltd. 3 $ 3.00 0.00% 50 $ 60.00
Circle Partners $ 2.80 3.70% 41 $ 68.29
BDO Simpson Xavier $ 2.25 -12.92% 1 $ 2,247.56
Folio Administrators Limited $ 2.20 0.32% 60 $ 36.67
DB HedgeWorks $ 2.10 16.67% 20 $ 105.00
Michael J. Liccar & Co., P.C. $ 2.06 -5.53% 43 $ 47.99
Kaufman Rossin Fund Services, LLC $ 1.96 18.79% 24 $ 81.67
Harmonic Fund Services $ 1.88 -0.53% 9 $ 208.89
Price Meadows $ 1.85 5.71% 45 $ 41.11
Trident Trust $ 1.60 60.00% 9 $ 177.78
Investment Data Services (IDS) $ 1.57 1.29% 30 $ 52.33
Citadel Solutions $ 1.38 113.83% 2 $ 690.50
Apex Fund Services Ltd. $ 1.21 0.93% 30 $ 40.27
LaCrosse Global Fund Services $ 1.06 14.78% 1 $ 1,060.17
ATU Fund Administrators (BVI) Ltd. $ 0.82
NA
 - NA
Columbus Avenue Consulting LLC $ 0.80 0.00% 13 $ 61.54
Variman LLC $ 0.60 50.00% 6 $ 100.00
Praxis Fund Services Limited $ 0.59 8.27% 19 $ 30.90
Meridian Fund Services Limited $ 0.53 17.78% 18 $ 29.44
Dundee Leeds Management Services, Ltd. $ 0.50
NA
 10 $ 50.00
Prime Management Limited $ 0.49 -2.18% 8 $ 61.63
Pinnacle Fund Administration LLC $ 0.27 22.52% 7 $ 38.86
ISIS Fund Services $ 0.23
NA
 7 $ 32.37
Viteos Fund Services $ 0.10 0.00% 2 $ 50.00
Kingsway Taitz $ 0.06 0.00% 3 $ 20.00
Conifer Securities LLC $ 0.02 -1.86% 1 $ 15.26
Fortis 2 $ 197.40
NA
 521 $ 378.89
IFS, A State Street Company 2 $ 61.84
NA
 142 $ 435.48
 
Totals $ 1,389.72 6,562
1 - Estimated figure as administrator does not differentiate HF from FoF assets
2 - Administrator did not participate in this survey; data as of September 30, 2007
3 - As of March 31, 2007
NA - Data not provided by administrator


UBS Global Asset Management – Fund Services over Citi is the difference in the top 3 fund of funds versus hedge fund administrators in Q1 2008 with Citco taking the top spot and HSBC coming in third. Citco reported $192 billion in AUA for 545 funds while UBS reported $146 billion in 340 funds and HSBC with $107 billion in 693 funds.

The remainder of the top ten fund of funds administrators contains few changes from the prior survey. Most notably, CACEIS Investor Services rose from a 12th place ranking in the Q3 2007 survey to 5 th. CACEIS experienced a quarter of quarter AUA increase of 4.8% in Q1 2008 to $69 billion in FoF assets in 571 funds.

Other notable FoF administrators in the top 10 which were not in the top ten for HFs include BNP Paribas Securities Services with $64 billion of FoF AUA in 326 funds, SEI, with corporate offices in both Pennsylvania and Dublin, Ireland, with $62 billion in 375 funds and Butterfield Fund Services with $41 billion in 204 funds. The fastest growing FoF administrator in the top 10 in Q1 2008 was UBS which grew at a rate of 7.9% in Q1 2008. HFN estimates that despite performance losses, total fund of fund assets increased 1.1% in Q1 2008.

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