Hedge Fund Who's Who

This is the August, 2017 post in my series on biggest hedge funds by regulatory assets under management. To change it up a bit I have used data from a different part of the Form ADV to create a “Who’s Who” of hedge funds.

Form ADV Item 7.A.

Item 7.A. requires a RIA firm to provide information about itself and its related persons, including foreign affiliates. Related persons are advisory affiliates and any person that is under common control with the filing RIA. If a filer checks any of the boxes in this section, they also have to fill out the relevant section of Schedule D – one section for each affiliate. 12 separate items of information are required for each related entity.

The kinds of entities that show up here include broker-dealers, LLCs or partnerships that are, in turn, the GPs or managing members of the funds the fund manager advises, and related businesses serving different markets. Often the entities are easily recognizable as being related to the filing firm simply from their names, but not always. In fact, you might be surprised to find out who is related to whom. Useful information to know if you are marketing to these firms!

Affiliated Groups

I use the term “affiliated group” to refer to the group of entities that report each-other as financial industry affiliates. Some are quite small: Bridgewater’s affiliate group numbers three members. Others are large: Goldman Sachs reports about 180+ affiliates! In theory, each affiliate should report every other affiliate within the same group so you only need check one Form ADV. In practice, you end up having to check each Form as mistakes are made!

In theory there is no difference between theory and practice. In practice there is.attributed to Yogi Berra

I tend to use the entity within the affiliated group that manages the most regulatory assets as the “anchor” for the group i.e. I name the group after that firm. As a result of newly updating my table of affiliated groups, I should be able to do a better job of grouping related hedge fund businesses in future posts.

For the table below (12 affiliate groups and 50 entities) and for the downloadable file (61 groups, 252 entities), I have stuck to my usual definition of a hedge fund: >75% by number of accounts or >75% by AUM are from pooled investment vehicles other than registered investment companies (i.e. mutual funds). I have also filtered out the related entities that do not themselves have an SEC CRD#.

I also have available a file including every RIA over $10bn AUM regardless of customer profile (491 affiliated groups) and all their affiliates (7083 of them) including each of the 16 different SEC “type” classifications for each affiliate. This provides a much more comprehensive who’s who.

An Example: Man Group AHL

AHL Partners, Man Group’s famous hedge fund, is a member of the Numeric Investors LLC affiliated group. Numeric reports higher regulatory AUM ($27bn) than AHL ($17bn) so it is the anchor for the group. The complete group is:

  • Numeric Investors LLC ($27bn rAUM)
  • GLG Partners LP ($21bn rAUM)
  • AHL Partners LLP ($17bn rAUM)
  • GLG LLC ($5.6bn rAUM)
  • Silvermine Capital Management ($3.4bn rAUM)
  • FRM Investment Management (USA) LLC ($1.4bn rAUM)
  • AALTO Invest UK Ltd ($1.1bn rAUM)
  • Man Solutions Ltd ($740m rAUM)
  • Man Global Private Markets (USA) Inc ($320m rAUM)
  • Man Investments Inc (Broker-Dealer)
  • Man Investments AG (“Other investment advisor”)
  • Man Asset Management (Ireland) Ltd (“Other investment advisor”)

I believe this kind of information is invaluable in prospecting and preparing for sales and marketing meetings at a senior level.

If you are interested a more comprehensive file covering 61 affiliated groups including 252 firms with 17 additional columns of data, use the adjacent “Request File” button. If you want the file delivered to an email address let me know via our contact form (opens in a new tab).

The August file is no longer available. The button will deliver the current version.

Get the complete file including 491 affiliated groups made up of 7083 entities! This file includes every RIA (regardless of customer profile) reporting over $10bn regulatory AUM prior to 2017-08-01. This file is available for $100 via PayPal. To purchase drop me a line via our contact form (opens in a new tab).

Hedge Fund Who’s Who for the 12 Largest Hedge Funds

Note: click column headings to sort. Use drop-down to set number of rows per page.

groupCRDgroupNameprimaryBusinessNameorganizationCRDregAUM
143161APOLLO CAPITAPOLLO CAPITAL MANAGEMENT, L.P.143161125504240375
143161APOLLO CAPITAPOLLO MANAGEMENT, L.P.14315846166270460
143161APOLLO CAPITAPOLLO GLOBAL REAL ESTATE MANAGEMENT, L.P.1512439013231484
143161APOLLO CAPITAPOLLO INVESTMENT MANAGEMENT, L.P.1306102635469000
143161APOLLO CAPITRWN MANAGEMENT, LLC1570851114853503
143161APOLLO CAPITAPOLLO CREDIT MANAGEMENT, LLC1561151056582354
143161APOLLO CAPITAPOLLO VALUE MANAGEMENT, L.P.128100NA
143161APOLLO CAPITAPOLLO COMMODITIES MANAGEMENT, L.P.147994NA
143161APOLLO CAPITAPOLLO GLOBAL SECURITIES, LLC153502NA
143161APOLLO CAPITATHENE SECURITIES, LLC36867NA
105129BRIDGEWATER BRIDGEWATER ASSOCIATES, LP105129239323123951
148826CITADEL ADVICITADEL ADVISORS LLC148826152656396000
148826CITADEL ADVICITADEL SECURITIES LLC116797NA
148826CITADEL ADVIPALAFOX TRADING LLC131114NA
148826CITADEL ADVICITADEL CLEARING LLC172693NA
148826CITADEL ADVICITADEL SECURITIES INSTITUTIONAL LLC281102NA
158117MILLENNIUM MMILLENNIUM MANAGEMENT LLC158117207626193000
110997NIKKO ASSET NIKKO ASSET MANAGEMENT CO LTD110997147963778724
110997NIKKO ASSET NIKKO ASSET MANAGEMENT EUROPE LTD11103819147666136
110997NIKKO ASSET NIKKO ASSET MANAGEMENT ASIA LIMITED1615896026318316
110997NIKKO ASSET NIKKO ASSET MANAGEMENT AMERICAS, INC.8241847130000
110814NOMURA ASSETNOMURA ASSET MANAGEMENT CO., LTD.110814415984801428
110814NOMURA ASSETNOMURA ASSET MANAGEMENT U.K. LIMITED11081528249499648
110814NOMURA ASSETNOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC11041123927891425
110814NOMURA ASSETNOMURA ASSET MANAGEMENT SINGAPORE LIMITED11081310320948048
110814NOMURA ASSETNOMURA ASSET MANAGEMENT U.S.A. INC.1082221190612695
110814NOMURA ASSETNOMURA ASSET MANAGEMENT HONG KONG LIMITED108226551896489
110814NOMURA ASSETNOMURA GLOBAL ALPHA LLC147302459943458
110814NOMURA ASSETNOMURA SECURITIES INTERNATIONAL, INC.42970
140074PICTET ASSETPICTET ASSET MANANGEMENT SA.140074122760216132
140074PICTET ASSETPICTET ASSET MANAGEMENT LIMITED10520531714664607
140074PICTET ASSETPICTET ASSET MANAGEMENT (SINGAPORE) PTE LTD1666316240369411
140074PICTET ASSETPICTET ASSET MANAGEMENT INC.1749400
106661RENAISSANCE RENAISSANCE TECHNOLOGIES LLC10666197005517169
106661RENAISSANCE RENAISSANCE INSTITUTIONAL MANAGEMENT LLC136113NA
158319SAMSUNG ASSESAMSUNG ASSET MANAGEMENT COMPANY, LTD.158319182217214561
158319SAMSUNG ASSESAMSUNG ASSET MANAGEMENT (NEW YORK), INC.133827189169600
158319SAMSUNG ASSESAMSUNG SECURITIES (AMERICA), INC.43432NA
286323SB INVESTMENSB INVESTMENT ADVISERS (US) INC.2863239.315e+10
286323SB INVESTMENSOFTBANK CAPITAL163118NA
111128THE CARLYLE THE CARLYLE GROUP111128101890520175
111128THE CARLYLE ALPINVEST PARTNERS B.V.15921541201127417
111128THE CARLYLE METROPOLITAN REAL ESTATE EQUITY MANAGEMENT, LLC1378131591817288
111128THE CARLYLE TCG SECURITIES, L.L.C.154788NA
105958VANGUARD GROVANGUARD GROUP INC1059583788911801478
105958VANGUARD GROVANGUARD ASSET MANAGEMENT, LIMITED282598120151980561
105958VANGUARD GROVANGUARD ADVISERS INC106715102979194827
105958VANGUARD GROVANGUARD INVESTMENTS AUSTRALIA LIMITED28293385947438811
105958VANGUARD GROVANGUARD GLOBAL ADVISERS, LLC164593559725664
105958VANGUARD GROVANGUARD MARKETING CORPORATION7452NA
Key:
groupCRD: CRD # of the largest firm in the affiliated group by rAUM
groupName: truncated name of the largest firm
primaryBusinessName: business name of the affiliated firm
organizationCRD: CRD# of the affiliated firm
regAUM: discretionary regulatory AUM of the affiliated firm

Contact me to discuss customized reports and analysis.

Companion Post: Mining for Gold

I have published a companion post on the Form ADV and the information it provides for competitive analysis and benchmarking (Hedge Fund Competitor Intelligence: Mining for Gold in Form ADV).

Check out your own firm’s Form ADV at the SEC’s Investment Advisor Public Depository website – you may be surprised at how much information is in there.

Image: A royalty free image of a pod of orcas from djmboxsterman a Pixabay contributor

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