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Winners announced for 2008 European Fund of Hedge Funds Awards

Date: Thursday, November 27, 2008
Author: HedgeFundsReview

The best of the fund of hedge fund business were honoured at the Hedge Funds Review's seventh annual European Fund of Hedge Funds Awards gala dinner on November 26. The winners of the 18 categories highlighting the best funds of hedge funds (FoHF), products and asset managers in the industry, were feted by around 250 people at a gala dinner held at the Royal Horticultural Halls, London. Adam Shaw, the award-winning financial reporter and presenter from BBC TV, presented the awards to the winners.

The awards are the most sought-after accolades in the industry. They range from long-term achievements in diversified FoHF products to best of group, as well as covering performance of diversified FoHFs, specialist funds and high net worth/retail FoHF providers. This year the long-term achievement in European FoHFs was awarded to Arpad Busson, founder and chairman of EIM Group.

The selection process for the winners relies on more than numbers. The judging process recognised this and considered qualitative and quantitative aspects of the FoHF and asset management companies entered for each category.

The judging process begins by running a screen across all entrants, selecting managers with a significant European presence, typically some investment or due diligence function. For one year awards the period under consideration is July 1, 2007- June 30, 2008; for three year awards July 1, 2005-June 30, 2008 and for 10 year awards July 1, 1998-June 30, 2008. For all awards the information used to make the selections was for the year ending June 30, 2008.

The judges then discuss the various merits of the funds, from both a qualitative and quantitative perspective. Whether groups are of a sound basis and exhibit expert management that could be expected to continue producing, are also taken into account. A shortlist is drawn up, typically of around five to six names. From this a winner is chosen.

Each FoHF is ranked against its peers by its annualised return, its Sharpe ratio and its annualised return over its worst month, for the relevant period. These three rankings are added to produce an aggregate ranking and a long list. Other metrics such as volatility, total return, percentage of positive and negative months, and age and size of fund are also generated.

Chaired by Phil Irvine, director of PiRho Investment Consulting, the judging panel is impartial and unbiased and looks to reward genuine performance and success. Other members of the panel included Tushar Patel, chief investment officer and managing director of Hedge Fund Investment Management; Olivier Cassin, managing director, head of research and development in London, and Mathias Neidert, senior associate, research and development, both of bfinance; and the editor of Hedge Funds Review, Margie Lindsay.

Previous recipients of the European Fund of Hedge Funds Awards have seen as much as a 10-fold increase in assets under management in the 12 months after winning. Making the shortlist usually guarantees managers increased awareness in the investor community and an enhanced reputation.

Profiles of all the winners and highly commended funds and management companies are available on the Hedge Funds Review website.