Hedge Funds Review has announced the shortlist for the 11th annual European Performance Awards 2011 recognising single manager hedge funds.

As assets under management by the hedge fund industry top $2 trillion for the first time ever, Hedge Funds Review is recognising some of the top fund managers in Europe.

The 11th annual European Performance Awards 2011 shortlist includes some of the biggest names in the industry. The mood this year is buoyant as the majority of fund managers expect to see even more capital flowing into hedge funds as institutional investors look for performance and diversity.

This year for the first time Hedge Funds Review is recognising an institutional investor that has made an outstanding contribution to the industry. The awards will also recognise an individual fund manager who has played an exceptional role in the industry over the years.

Since the hedge fund investment process relies on more than just numbers, the judging process recognises this. It begins with a quantitative screen of all entries to extract raw performance figures as well as other important metrics.

The funds were then ranked on their returns, with the top products on their aggregate ranking for these measures making the long list. Further statistics are also generated on volatility, maximum drawdown and downside volatility. After agreeing a shortlist the judges debated together to select a winner.

Judges took into consideration the quantitative statistics and applied their qualitative expertise to make a decision on the winner.

Judges for this year’s awards represent different aspects of the industry. They include Caroline Butler, co-director of family office Lord North Street; Phil Irvine, director of PiRho Investment Consulting; Chris Jones, chief investment officer (CIO) at Key Asset Management; Tushar Patel, managing director of Investment Management; and Michiel Timmerman, managing director and CIO at Ignis Advisors.

The award winners will be announced at a gala dinner to be held at 8 Northumberland in London on May 18, 2011. Profiles of each of the winning funds as well as those shortlisted will be published on the Hedge Funds Review website that night along with video interviews with the two individuals honoured at the ceremony. A report of the awards will be available in the June edition of the magazine.

Information on booking a table is available on the awards website.

European Performance Awards 2011 - Shortlist

One year performance awards

Best long/short equity
1798 Lombard Fundamental (Lombard Odier Asset Management)
BTR Strategic Growth Fund (Salida Capital)
CS Small Cap Alpha Opportunities Fund (Credit Suisse Asset Management)
Henderson European Absolute Return Fund (Henderson Global Investors)
Ratio European Fund (Ratio Asset Management)

Best event driven hedge fund
Cheyne European Event Driven Fund (Cheyne capital)
Dexia Long Short Risk Arbitrage (Dexia)
Vallea Fund (Belle-Vue Conseils)

Best global macro hedge fund
BlueBay Macro Fund (BlueBay Asset Management)
Fixed Income Macro Fund (Aviva Investors)
GAM Global Rates Hedge Fund (GAM International Management)
GLG Atlas Macro Fund (GLG Partners)
IPM Global TAA fund (IPM Informed Portfolio Management)

Best fixed income hedge fund
CQS ABS Fund (CQS)
Global Opportunities Fund (Goldman Sachs)
Nektar (Nektar Asset Management)

Best credit/distressed hedge fund
CQS Credit Long/Short Fund (CQS)
GLG Euro Distressed Fund (GLG Partners)
Numen Credit Opportunities Fund (Numen Capital

Best equity market neutral hedge fund
Equity Style Arbitrage (Amundi)
Ratio European Fund (Ratio Asset Management)
Sabre Style Arbitrage Fund (Sabre Fund Management)

Best convertible arbitrage/volatility hedge fund
CQS Convertible and Quantitative Fund (CQS)
GAM Convertible Bond Hedge Fund (GAM International Management)
GLG Market Neutral Fund (GLG Partners)

Best managed futures hedge fund
Aspect Diversified Fund (Aspect Capital)
Brummer & Partners - Lynx (Lynx Asset Management)
Ikos Futures Fund (IKOS Asset Management)
ISAMSystematic (International Standard Asset Management (ISAM))
Lyxor Epsilon (Lyxor Asset Management)
Winton Futures Fund (Winton Capital Management)

Best energy or commodities hedge fund
Winner to be announced on the night

Best foreign exchange hedge fund
Capricorn FXG10 (Capricorn Asset Management (Schweiz))
IKOS FX Fund (IKOS Asset Management)
The Cambridge Strategy Emerging Markets Alpha Programme (The Cambridge Strategy)

Best global emerging markets focused hedge fund
Winner to be announced on the night

Best multi-strategy hedge fund
1798 Fundamental Strategies Fund (Lombard Odier Investment Managers)
CQS Directional Opportunities Fund (CQS)
GLG Multi-Strategy Fund (GLG Partners)
Winton Evolution Fund (Winton Capital Management)

Best sub-$100 million hedge fund
AA Equity (Active Alpha)
Castellain Cavendish (Castellain Capital)
Henderson UK Equity Long Short Fund (Henderson Global Investors)
GAM Emerging Market Rates Hedge Fund (GAM International Management)
GLG Global Mining Fund (GLG Partners)
SW Mitchell Small Cap European Fund (SW Mitchell Capital)

Hedge fund of the year
BTR Strategic Growth Fund (Salida Capital)
Cheyne European Event Driven (Cheyne Capital)
GLG Market Neutral (GLG Partners)
Henderson European Absolute Return Fund (Henderson Global Investors)
Ikos Futures Fund (Ikos Asset Management)
Man AHL Currency (Man Investments)
Nektar (Nektar Asset Management)
Sabre Style Arbitrage (Sabre Fund Management)

Long-term performance awards

Best directional hedge fund over three years
Brummer & Partners - Futuris (Futuris Asset Management)
CQS Directional Opportunities Fund (CQS)
CS Small Cap Alpha Opportunities Fund (Credit Suisse Asset Management)
Lyxor Epsilon (Lyxor Asset Management)

Best non-directional hedge fund over three years
1798 Fundamental Strategies Fund (Lombard Odier Investment Managers)
CQS ABS Fund (CQS)
G7 Fixed Income Fund (Aviva Investors)
GLG Alpha Select Fund (GLG Partners)
IPM Global TAA fund (IPM Informed Portfolio)
Nektar (Nektar Asset Management)

Best directional hedge fund over 10 years
AHL Alpha (Man Investments)
Brummer & Partners - Futuris (Futuris Asset Management)
GLG European Long Short Fund (GLG Partners)
Global Diversified Programme (Quality Capital Management)
Lyxor Epsilon (Lyxor Asset Management)
Winton Futures Fund (Winton Capital Management)

Best non-directional hedge fund over 10 years
Winner to be announced on the night

Ucits performance awards

Best Ucits product
AC Risk Parity 12 Fund (Aquila Capital)
Equity Style Arbitrage (Amundi)
GAM Star Global Rates (GAM International Management)
Man AHL Trend EUR I (Man Investments)
Melchior Selected Trust: European Absolute Return Fund (Dalton Strategic Partnership)
MLIS Marshall Wace Tops Ucits Fund (Marshall Wace)
York Event Driven Ucits Fund (York Capital Management)

Best sub-$100 million Ucits product
Aviva Investors Index Opportunities Fund (Aviva Investors)
Cheyne Convertibles Absolute Return Fund (Cheyne Capital Management)
FCM European Opportunities Fund (Fleming Family and Partners Capital Management)
GLG Emerging Markets Credit Opportunity Ucits Fund (GLG Partners)
Merrion European Absolute Return Fund (Merrion Investment Managers)

Qualitative awards

Best new hedge fund
Callanish Global Macro Fund (Callanish Capital Partners)
CQS Distressed Value Opportunities Fund (CQS
GAM Star Emerging Market Rates (GAM International Management)
Marlon fund (LD Capital)
Melchior Selected Trust: European Absolute Return Fund (Dalton Strategic Partnership)

Best investor relations team
Winner to be announced on the night

Best overall group
Winner to be announced on the night

Outstanding contribution to the industry awarded to a fund manager
Winner to be announced on the night

Outstanding contribution to the industry awarded to an institutional investor
Winner to be announced on the night