European boutiques take home multiple trophies at InvestHedge Awards
Blackstone earns a record eight nominations and the prize for Institutional Group of the Year, showing it is still possible to raise assets and maintain performance
European boutiques dominated the winners at the sixth annual InvestHedge Awards ceremony held in New York on 13 March 2008. The Gems group, founded in 1987, walked away with two awards, including the prestigious Fund of the Year prize. Gems, which has $5 billion under management, also won the Event Driven & Distressed category.
Blackstone Alternative Asset Management took home Institutional Firm of the Year, an award it won before in 2002, as well as racking up a record breaking eight nominations.
Sixteen groups took home the 20 awards, with four funds of hedge funds each picking up two accolades. Ten of the 16 firms could be considered boutiques as defined by size of firm and investment philosophies. This year's winners were split evenly between US-based firms and European companies.
As has been the case for the last few years, 2007 was challenging. According to the HedgeFund Intelligence Global Composite the global hedge fund industry was up 7.95% for 2007 whereas the InvestHedge Global Index returned 8.68% in 2007. As these returns are net of fees, the funds of funds industry clearly added value. One interesting statistic was that the winning funds returned an average of 28.84% last year and an average of 14.96% since 1998, demonstrating that they are consistently good performers.
Peak Partners walked away with the Fixed Income & Credit and Asset Based Lending & Finance awards, while The Capital Holding Funds/LCF Rothschild Group collectively took home Group of the Year, as well as the Global Macro Award for LCF Rothschild Group's Trading Capital Holdings.
Newcomer Horizon21 Alternative Investments, founded by Rainer-Marc Frey, also won two awards. H21 BRIC Plus won the Emerging Markets category and New Fund of the Year. Frey's former firm, RMF Investments, won the European Equity category with its RMF Long Short Equity Europe Fund.
More than 400 of the leading players in the global fund of hedge funds industry came together at the Pierre Hotel in New York.
The room was filled with more than 70 funds of funds with collective assets under management of more than $508 billion, as well as their clients and managers.
InvestHedge introduced the Long Term Performance Award for risk-adjusted returns over 10 years to reflect the longer term time horizons of the institutional investors. Archstone Partners in New York took home this accolade, having been nominated 13 times and winning five InvestHedge Awards over the last six years.
Among this year's winners were many new names, including State Street's SSARIS Relative Value Strategy that won the Arbitrage Award, FutureSelect Portfolio Management's The Merriwell Fund Limited Partnership, winner of Global Multi-Strategy <$500 million, while Thames River Capital's Thames River Warrior Fund took home the award for Global Multi-Strategy with assets >$500 million.
Once again emerging managers returned more than the Global Multi-Strategy Composite, proving that early stage managers can outperform the larger more established managers, and Protégé Partners in New York took home the Emerging Managers Award.
The second new award, European Multi-Strategy, took into account the fund of funds industry's growing sophistication. More than half of the European Equity nominees actually had other strategies in the portfolio, leading to the creation of a separate European Multi-Strategy Award, won this year by RBS Asset Management's Orbita European Growth Strategy, which had also been nominated for the past four years but in the European equity category.
Persistent Edge Management won the Asian Strategies Award for the second year running, while Lyrical Partners in New York took home the accolade for US Strategies, also for the second year in a row. These categories have previously been called Asian Equity and US Equity Awards but once again the increasing sophistication has lead some groups to add other strategies to the portfolio.
Berens Capital Management in New York scored a hat-trick, taking home the Global Equity Award for its Berens Global Value Fund for the third consecutive year.
Permal, which has had 18 nominations over the years and won two previous awards, took home the Commodities & Natural Resources Award for its Permal Multi-Manager Natural Resources Fund.
To view the full report of all the winners click here