Hedge fund administrators polled by eVestment|HFN in Q4 2011 reported an increase in assets under administration in separately managed accounts and private equity funds, but declines in AUA in single-manager hedge funds, funds of funds and UCITS funds.
The semi-annual survey queried 68 administrators with a combined $5.3 trillion in alternative assets under administration. These administrators, reporting through December 2011, recorded an increase in SMA AUA from $38.9 billion in Q2 to $48.4 billion in Q4. Assets under administration in other alternative funds (including private equity funds) rose to $1.2 trillion from $921.8 billion in Q2.
On the other hand, administrators recorded a 1.5% decline in total single-manager hedge fund AUA from Q2 2011, and a 3.1% drop in FoF AUA. They also reported that assets under administration in UCITS-compliant hedge funds fell from $71.9 billion in Q2 to $66.6 billion in Q4.
As it has been since the first survey (in Q4 2008), Citco Fund Services was the largest hedge fund administrator, with State Street Alternative Investment Solutions and BNY Mellon Alternative Investment Services rounding out the top three.
Citco was also the largest FoF administrator with BNY Mellon, UBS Global Asset Management—Fund Services, State Street Alternative Investment Solutions and SEI completing the top five, in order.
J.P. Morgan Global Fund Services, SEI and BNY Mellon Alternative Investment Services reported double digit gains in Other Alternatives AUA. Median Other Alternatives AUA growth was 7.2% from Q2 to Q4 2011.
Reported hedge fund AUA based in North America accounted for 61.1% of global HF AUA. Europe-based alternatives administration was down sharply, with participants reporting losses of 14.2% in HF AUA and 7.5% in FoF AUA.
In contrast to Europe, administrators reported large up-ticks in their Asia-Pacific base with HF AUA up 5.1% and FoF AUA up 40.8%. Asia-Pacific FoF AUA currently represents 1.5% of global FoF AUA. In the case of the fund of funds the figure represents incremental growth from a relatively small base: Asia FoF AUA went from about $10 billion to about $14 billion thanks primarily to State Street and BNP Paribas each adding about $2 billion to their Asia FoF AUA totals.