03/06/2009

Fortis drops top spot in FoHF AUA survey

Fortis Prime Fund Solutions has been knocked off its top spot as the largest funds of hedge funds (FoHF) administrator, according to HFMWeek’s latest Assets Under Administration (AUA) Survey.

Following a torrid six months, characterised by mass redemptions, assets at the business dropped 40%, down to $110.28bn, leaving Citco to take pole position with $5bn more in AUA than the Dutch bank.

Fortis, which has claimed the top spot in every survey since the magazine’s launch, also experienced a 15% drop in AUA over the six months leading to April 2009. Prior to this assets had grown steadily from the $104bn reported in November 2005 to a peak of $215bn in April 2008.

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