(updated with correction)
State Street Alternative Investment Solutions had the most hedge fund assets under administration in the second half of 2013, but Citi Hedge Fund Services had the largest percentage increase among the top five firms in the semiannual survey of fund administrators conducted by eVestment.
The survey, to be released Tuesday, saw no change among the top five single-strategy hedge fund administrators from the first half of last year. State Street had $708 billion in assets under administration, up 3.81% from June 30; followed by Citco Fund Services at $576 billion, up 8.27%; BNY Mellon Alternative Investment Services, $465 billion, up 7.09%; and SS&C GlobeOp, $436 billion, up 10.38%
Citi ranked fifth with $298 billion, a 20.03% increase.
Among hedge fund-of-funds administrators, there also was no change in the top five, even though the top two firms — BNY Mellon and Citco — saw AUA decline in the six months ended Dec. 31. BNY Mellon had $125.3 billion in assets under administration, down 0.45%; Citco, $125 billion, down 1.57%; State Street, $110 billion, up 6.8%; SEI Investments, $66.1 billion, up 2.8%; and Citi, $54 billion, up 4.7%. (SEI's data are as of Nov. 30.)
Hedge fund assets under administration among the 41 firms surveyed by eVestment totaled $3.79 trillion as of Dec. 31, a 10.78% gain from June 30. Peter Laurelli, vice president and head of research at eVestment, said overall hedge fund assets increased 7.04% as a result of performance and asset inflows, leaving “a good portion” of the additional three-percentage point gain in AUA resulting from additional assets outsourced by hedge funds to administrators.
Also, overall assets under administration increased 6.23% during the last six months of 2013, to $6.374 trillion.