Winners of European FoHF awards announced at London gala dinner
Celebrations of the eighth European Fund of Hedge Funds Awards started with a kick, as the Moulin Rouge theme of the night was captured by dancers demonstrating some of the moves that made the Paris cabaret world famous.
After the frivolity of the dancers, a more sedate tone was struck by Jonathan Greene, publisher of Hedge Funds Review. “The past 12 months have been incredibly taxing for all of us in the industry,” he said in his opening remarks.
“In previous years a good reputation, a slick marketing presentation and solid past performance might have been enough to secure investment. The landscape has now changed. Your investors are demanding far more in terms of due diligence and reporting and there is significant pressure on fees,” continued Greene.
“Funds of hedge funds still have an incredibly important role to play in the hedge fund industry as a whole. Without you, many investors would have far greater losses on their books and I salute every one of you that turned in positive performance numbers over the past 12 months,” he concluded, addressing the audience of over 200 people.
The judging panel for the awards, the only ones celebrating success in the FoHF industry, chaired by Phil Irvine, PiRho Consulting, is impartial and unbiased. It looks to reward genuine performance and success. This year’s judging panel in addition to Irvine included, Tushar Patel from HFIM, Neil Campbell from Tullett Prebon and Margie Lindsay, editor of Hedge Funds Review (see article, page 21)
Previous recipients of the awards have seen as much as a 10 fold increase in their assets under management (AUM) in the 12 months after winning. This means being included on the shortlist alone should give managers increased awareness in the investor community and an enhanced reputation.
The judging process for the awards begins by running a screen across all entrants, selecting managers with a significant European presence, typically some investment or due diligence function.
Each FoHFs 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 and included in the statistics that the judges review.
The judges then discuss the various merits of each fund, from both a qualitative and quantitative perspective. Whether groups are of a sound basis and expert management that could be expected to continue producing, are also taken into account.
Announcing the awards and welcoming winners to the stage was Sandi Toksvig, a Danish-born English comedian, author and presenter on radio and television.
The event took pace at the Grosvenor House Hotel, London.
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