In the latest round of “man versus machine,” the machines clearly had the upper hand. Computer-driven hedge fund strategies produced big gains among European hedge fund firms in 2014 and propelled London-based Man Group back to the top of Alpha’s annual Europe Hedge Fund 50 ranking of the biggest single-manager hedge fund firms in Europe. Winton Capital Management, which also operates computer-driven funds, took the No. 2 spot. That said, it was also a big year for M&A activity at European hedge fund firms; some of the year’s biggest asset gains and losses were driven by acquisitions and spin-offs. All told, the 50 largest European funds managed a combined $374.22 billion when 2015 began, down $14.23 billion from the previous year.
In the 2015 Europe Hedge Fund 50, we provide each manager's total assets under management as of January 1, 2015, unless otherwise indicated. Where possible, we also show assets at the individual fund level and net returns for two years and since inception. The ranking last year was based on capital as of January 1, 2014, unless otherwise noted. Asset totals reflect internally run, single-manager hedge funds and separate accounts, including long-only funds that charge hedge-fund-style fees; they exclude funds of hedge funds, overlay accounts, funds managed by third parties, mutual funds and traditional long-only money, dynamic money market funds, assets in collateralized debt and bond obligations, private equity and venture capital. When assets were provided in currencies other than dollars, they were converted using the exchange rate on the date of valuation. We gathered data through questionnaires completed by hedge fund managers, supplemented by extensive staff research. Senior Editor Jane B. Kenney compiled the ranking with the assistance of Senior Contributing Writer Stephen Taub. To request a questionnaire for next year's Europe Hedge Fund 50 ranking, please e-mail your contact details to hedgefundrankings@iimagazine.com.