| Ranked by assets managed worldwide in hedge funds of funds, in millions. Data are as of June 30, 2014, unless otherwise indicated. |
|
| 1 | Blackstone Alternative Asset Mgmt. | $59,610 |
| 2 | A&Q Hedge Fund Solutions (UBS) | $30,888 |
| 3 | Goldman Sachs Asset Mgmt. | $27,608 |
| 4 | Grosvenor Capital Mgmt. | $25,694 |
| 5 | Permal Group | $20,562 |
| 6 | BlackRock | $18,391 |
| 7 | Mesirow Advanced Strategies | $13,839 |
| 8 | Morgan Stanley Alt. Inv. Partners | $12,778 |
| 9 | J.P. Morgan Asset Mgmt. | $12,545 |
| 10 | Man Group | $11,500 |
| 11 | EnTrust Capital | $11,468 |
| 12 | Prisma Capital Partners/KKR | $10,900 |
| 13 | Aetos Alternatives Mgmt. | $10,774 |
| 14 | Rock Creek Group | $10,400 |
| 15 | Pacific Alternative Asset Mgmt. Co. | $9,654 |
| 16 | Lyxor Asset Mgmt. SAS | $9,533 |
| 17 | Aurora Investment Mgmt. | $9,109 |
| 18 | K2 Advisors/Franklin Templeton | $8,687 |
| 19 | AllianceBernstein | $8,520 |
| 20 | Lighthouse Investment Partners | $8,100 |
| 21 | SkyBridge Capital II | $7,691 |
| 22 | Mercer | $6,547 |
| 23 | Amundi Alternative Investments | $6,500 |
| 24 | Towers Watson | $6,407 |
| 25 | Arden Asset Mgmt. | $6,366 |
| 26 | Strategic Investment Group | $6,003 |
| 27 | GAM | $5,808 |
| 28 | Crestline Investors | $5,600 |
| 29 | SEI Investments Mgmt. | $5,400 |
| 30 | Silver Creek Capital Mgmt. | $5,235 |
| 31 | Evanston Capital Mgmt. | $5,002 |
| 32 | Corbin Capital Partners | $4,586 |
| 33 | Ramius | $3,775 |
| 34 | EACM/BNY Mellon | $3,742 |
| 35 | Magnitude Capital | $3,493 |
| 36 | Private Advisors/New York Life | $3,418 |
| 37 | Investcorp | $2,778 |
| 38 | New Providence Asset Mgmt.* | $2,400 |
| 39 | Diversified Global Asset Mgmt./Carlyle | $2,396 |
| 40 | Neuberger Berman | $2,300 |
| 41 | Pinnacle Asset Mgmt. | $2,218 |
| 42 | Northern Trust | $2,161 |
| 43 | Commonfund | $2,099 |
| 44 | Protege Partners | $2,067 |
| 45 | Alternative Investment Group | $1,514 |
| 46 | Russell Investments | $1,274 |
| 47 | Larch Lane Advisors | $980 |
| 48 | van Biema Value Partners | $976 |
| 49 | Liongate Capital Mgmt. | $878 |
| 50 | Meridian Capital Partners | $653 |
| | Total | $440,827 |
| Sources: company survey responses, SEC ADV |
| *2014 assets are as of Dec. 31, 2013; 2013 assets are discretionary assets from the most recent SEC ADV. |
