GLG, Vega Top Alpha's Ranking of Europe's Largest Hedge Fund Families

NEW YORK, January 24 2005 -- GLG Partners and Vega Asset Management tie for top honors as Europe's biggest hedge fund managers, as ranked by Institutional Investor's Alpha. GLG and Vega each managed US$11.1 billion as of September 30, 2004, according to the 2005 Europe Hedge Fund 25, Alpha's second annual ranking of Europe's biggest single-manager hedge fund families by assets, released today in the magazine's January/February issue. GLG Partners and Vega Asset Management came in second and fourth, respectively, in the 2004 ranking.

Last year's No. 1 manager, Man Investments, comes in third this year with US$9.7 billion in capital. The assets managed by the members of the 2005 Europe Hedge Fund 25 totaled US$120 billion as of September 30, 2004, an increase of more than 40 percent from the US$83 billion managed by the largest European hedge funds the year before. Some of this growth comes from a weakened dollar, but the bulk stems from strong inflows of capital from wealthy individuals and, increasingly, institutional investors, much of whose money is being funneled in through funds of hedge funds.

Here are the five biggest managers from Alpha's Europe Hedge Fund 25.

Rank - Firm -Total capita (US$ millions)
1 - GLG Partners - US$11,100
1 - Vega Asset Management - US$11,100
3 - Man Investments - 9,700
4 - Barclays Global Investors - 7,940
5 - Brevan Howard Asset Management - 7,381

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