The first round of financial results for 2009 showed mixed fortunes for some of the world’s leading alternative asset managers, with an increase in performance fee income but continued hedge fund outflows.

BlackRock finished 2009 with total assets under management (AUM) of $3.35 trillion, including $1.85 trillion acquired through its merger with Barclays Global Investors. That included $102.1 billion of alternative assets, an increase of $800 million during the final quarter of the year.

BlackRock said hedge fund flows had mirrored those of long-only products. There had been $1.5 billion of net inflows in active fundamental strategies during the quarter, offset by $2 billion of net outflows in funds using an active scientific approach.

Income from performance fees leapt by $102 million compared with the fourth quarter of 2008 to $125 million. Fees were also up by $76 million in the final quarter of 2009 in comparison with the third quarter of 2009.

BlackRock said this was largely due to an increase in fees from alternative, equity and fixed income hedge funds.

The company made a net gain of 18% for the year on its hedge fund and fund of hedge fund (FoHF) investments, compared to a net loss of 53% for 2008.

Meanwhile, Gottex announced  its core market neutral and portable alpha strategies had outperformed their indexes during 2009 and had contributed $635 million to AUM.

The company ended the year with $8.1 billion AUM, compared to $8.2 billion at the end of September 2009, including $310 million of inflows. Assets on the managed account platform run by Gottex Solutions Services increased by 25% during the final quarter.

CEO and chairman Joachim Gottschalk said he expected solid hedge fund inflows during 2010.

Gottex recently announced it was to acquire three fund of hedge funds (FoHFs) from New York's Constellar, adding a further $150 million to AUM.

Separately, Swiss private bank Union Bancaire Privée (UBP) recorded a difficult 2009. Total AUM dropped 25% to Sfr 75 billion ($72 billion) at December 31 2009, compared to Sfr 100 billion ($95 billion) at the end of 2008.

There was a larger drop in UBP's alternative AUM, falling 57% from Sfr 45.45 billion ($43 billion) at the end of 2008 to Sfr 19.45 billion ($18.5 billion) in December 2009. The bank said this was due to "challenging market conditions and the contraction of the industry".

However, UBP attracted Sfr 6.7 billion ($6.5 billion) in inflows from private clients during the 2009 calendar financial year, with a "significant proportion" from emerging markets.

In the US, Northern Trust reported US institutional investment plan sponsors had realised strong double-digit returns in 2009, with a solid fourth quarter capping a year of extreme highs and lows in investment performance.

The universe represents the performance results of over 300 large institutional investment plans, with a combined asset value of approximately $626 billion, which subscribe to Northern Trust performance measurement services.

Corporate pension plans had the highest returns for the year, up 22.3%. Public funds returned 20.3% and foundations and endowments gained 17.9% for the full year. Northern Trust said returns were driven by higher-risk asset classes, but alternative asset performance was mixed.

Hedge funds in the universe gained 20% for the full year, compared to a 5% loss for private equity, contributing to the lower returns for foundations and endowments, which had a higher private equity allocation.

State Street announced an $860 million increase in assets under custody and administration during the fourth quarter of 2009, to $18.8 billion. The company also saw a $176 million, or 10%, increase in AUM to $1.9 billion.

Both figures were up significantly compared to the end of 2008, when assets under custody were $15.9 billion and State Street's AUM was $1.4 billion.

The company also said servicing and investment management fees were up during the final quarter of 2009, to $882 million and $231 million respectively. That was due to new business and an increase in average equity valuations.

However, securities finance revenue was down 21% in the same period to $83 million, thanks to compressed spreads offset by slightly increased volumes.