Billion Dollar Club

Billion Dollar Club: Global industry stabilises despite poor performance in 2011 to hit $622bn

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Blackstone tops the polls as funds of hedge funds enter the new age of customised institutional investing

By Niki Natarajan

Please click here for the Billion Dollar Club table

The Mayan Long Calendar may be set to finish on 21 December 2012, but few actually believe that such doomsday prophesies will actually see the world end. Change yes, but end no. Despite the much maligned second layer of fees, it seems that funds of hedge funds on average are down -4.26% net of all fees, according to the InvestHedge global FoHF Composite.

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On the surface, the overall picture for the global funds of hedge fund industry, as represented by the