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COMBINED ASSETS OF BILLION-DOLLAR

HEDGE FUNDS RISE JUST 4% IN 2009, AR


SURVEY FINDS
LARGEST FIRMS NEARLY DOUBLE ASSETS
JP Morgan regains top spot

New York, March 2, 2010 – Even after the gains of 2009, the hedge fund industry still
has a long way to climb to get back to its peak, with the biggest American hedge fund
firms managing 29% less than they did at their all-time high in 2008, according to AR:
Absolute Return + Alpha (AR) magazine’s biannual Billion Dollar Club survey of U.S.
hedge fund firms managing $1 billion or more.

Full results are available online at www.absolutereturn-alpha.com

As of January 1, the biggest 213 hedge fund firms managed combined assets of $1.182
trillion, a 4.2% increase above what they managed at the beginning of 2009 —
when 218 firms held a combined total of $1.134 trillion — according to the latest survey,
published in the March issue of AR, a publication of Institutional Investor and
HedgeFund Intelligence. In July 2008, the industry’s peak, the 268 biggest firms
managed $1.675 trillion.

A handful of firms managing $5 billion or more nearly doubled their assets from a year
ago, suggesting that the big are getting bigger. Scandals may be one reason the brand-
name firms managed to grab a greater share of the pie in the second half of 2009, as
investors sought the security of large, established shops. Also, a significant portion of
the assets garnered in 2009 came from institutional investors redistributing previously
allocated assets to long-closed mega-funds that had reopened in an attempt to revive
assets lost in 2008.

The 143 firms managing below $5 billion increased their assets by $28 billion.

JPMorgan reclaimed the top spot, surpassing Bridgewater Associates as the largest
hedge fund firm in the United States. The firm now manages $50.4 billion between its
JPMorgan Asset Management and Highbridge Capital Management units -- a $17.5
billion increase from the $32.9 billion managed between them in January 2009.

Bridgewater fell to second place with $43.6 billion, a 17.84% increase from July 2009,
when it managed $37 billion. Paulson & Co. remained in third place, with assets
increasing 10.35% to $32 billion from the $29 billion it managed in January following
strong returns in 2009. Soros Fund Management grew by 28.57% to $27 billion in 2009
and edged D.E. Shaw Group out of fourth place. D.E. Shaw dropped to fifth and was the
biggest loser in the top 10, shedding 17.48% of its assets in 2009 to start 2010 with
$23.60 billion.

Although still shy of making the top 10, BlackRock’s purchase of Barclay’s Global
Investors resulted in an instant 235.63% increase in assets for the firm. However, the
biggest gainer was distressed debt market manager Randall Smith’s firm Alden Global
Capital, which amassed an increase of 475% on top of its January 2009 assets of $400
million to reach $2.3 billion. Distressed funds were among the biggest winners, as
distressed was one of the hottest strategies of 2009.

New York remains the center of the hedge fund world, controlling $708 billion, or 60%, of
the assets managed by the biggest 213 American hedge funds. Connecticut is the
second largest, managing $158.86 billion. Massachusetts surpassed California to take
third place, with Massachusetts managers now running $87.49 billion.

The AR Billion Dollar Club is the only survey of American hedge fund assets that
focuses on the aggregation of January 1 data, which includes the most recent
redemptions and allocations, thereby making the survey more current and accurate than
those focusing on December 31 numbers.

Full results are available online at www.absolutereturn-alpha.com

Firm AUM ($ billions)


JPMorgan $50.40
Bridgewater Associates $43.60
Paulson & Co. $32.00
Soros Fund Management $27.00
D.E. Shaw Group $23.60

About AR
AR magazine, and its online offering at www.absolutereturn-alpha.com, features a fresh and
much needed link between the hedge fund industry, its users and those who provide advisory,
financial, and technological services to the sector. AR is a service of Institutional Investor and
HedgeFund Intelligence, divisions of Euromoney Institutional Investor, the international publishing
and information company.

See www.absolutereturn-alpha.com for more information.

Notes for editors:


Institutional Investor publishes Institutional Investor magazine, which was founded in 1967 to
inform, instruct and entertain members of the financial community through identifying and
examining the individuals and institutions that wield power and influence in the world.

HedgeFund Intelligence is the world’s leading information source on hedge funds and those
investing in hedge funds, including funds of funds. It publishes performance data on more than
10,000 hedge funds and funds of funds around the globe, and its titles cover the U.S., European
and Asian markets.

Euromoney Institutional Investor PLC is listed on the London Stock Exchange and is a member of
the FTSE-250 share index. It is a leading international business-to-business media group focused
primarily on the international finance, metals and commodities sectors. It publishes more than 70
magazines, newsletters and journals, including Euromoney, Institutional Investor, and Metal
Bulletin. It also runs an extensive portfolio of conferences, seminars and training courses and is a
leading provider of electronic information and data covering international finance, metals and
emerging markets. Its main offices are in London, New York, Montreal and Hong Kong, and
nearly half its revenues are derived from emerging markets.

For further information:


Michelle Celarier, Editor, AR
+1 212-224-3021
mcelarier@absolutereturn.net

Stefan Prelog, Walek & Associates


+1 212 590-0523
sprelog@walek.com