Introduction

Global fund of hedge funds have witnessed a dramatic change of fortunes over the last two and a half years. The industry grew at a steady pace between 2003 and early 2008, with assets under management peaking at US$826 billion, before suffering considerable losses and widespread redemptions¹amid the global financial crises. After losing US$393 billion between March 2008 and July 2009 – a drawdown of nearly 48% – industry assets seem to have stabilised around the US$450 billion mark. Performance has also been healthy in 2009 and 2010 – the Eurekahedge Fund of Hedge Funds Index was up 9.39% in 2009 and 1.54% in year-to-date September 2010.

The figures below show the growth in the fund of funds industry over the years.

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