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20. Credit Suisse Asset Management/ $25.1 billion

Location:

New York, NY

Founded:

2006

2016 Hedge Fund 100 Rank:

No. 16

2016 Capital:

$27.2 billion

2015 Hedge Fund 100 Rank:

No. 12

2015 Capital:

$28.1 billion

Years on List:

Website:

www.cshg.com

Address:

One Madison Avenue
New York, NY 10010

Phone:

212-325-2000

Fax:

212-325-6665

Profile & News

Firm Overview

With a new CEO, Tidjane Thiam, appointed to the head of Credit Suisse in 2015, the bank expanded its asset management business even more into emerging markets, including a bigger push into Asia. But the new CEO also brought changes in the company’s structure, including that of management. At the end of March 2016, it was announced that Credit Suisse Asset Management head Robert Jain was stepping down from the company, to become co-chief investment officer at New York-based hedge fund Millennium Management.

While Credit Suisse Asset Management had a tough year, the company’s ongoing relationship with Brazilian hedge fund pioneer Luis Stuhlberger continued to pay off. In 2006 Credit Suisse acquired majority interest in Hedging-Griffo, the Brazilian financial services firm founded by Stuhlberger in 1981 that offers asset management, private banking and brokerage services, to form CSHG. Hedging-Griffo’s flagship Verde Fund, the oldest and largest hedge fund in Brazil, posted 29 percent annualized gains from 1997 through 2015. The fund also rose double digits in 2015.

When Stuhlberger’s non-compete clause ended in 2014 and he became independent again, Credit Suisse also bought a minority stake in his new asset firm, Verde Asset Management. That purchase has also continued to pay off for Credit Suisse.

Strategy

The firm’s funds make invest long and short investments related to equities, currencies, interest rates, commodities, options and distressed securities in emerging markets and G7 market countries using fixed-income and equity strategies.

Funds and Fees Overview

CSHG manages 15 funds, most notably its flagship HG Verde, launched in 1996, and its offshore HG Green, launched in 2001. HG Verde is one of the oldest and largest hedge funds in Brazil. HG Verde and HG Green are both multi-asset funds that invest in debt and equity. Additionally, CSHG manages separately managed accounts investing in Brazilian securities.

The funds charge a monthly management fee of between 0.4 percent and 2.5 percent of net assets per annum. A performance fee ranges from 10 percent to 20 percent of the net capital appreciation per annum.

Green HG Fund, LLC is an unleveraged, macro, multiasset fund.
Annualized Return Since Inception:	15.92 percent	Inception Date:	02/01/2001

Alpha HG Fund, LLC
Annualized Return Since Inception:	10.79 percent	Inception Date:	05/01/2005

HG Global Macro Master Fund, LLC
Annualized Return Since Inception:	9.42 percent	Inception Date:	02/01/2004

Strategy HG Long & Short Fund, LLC
Annualized Return Since Inception:	10.78 percent	Inception Date:	10/01/2005

CSHG Unique Fund, LLC
Annualized Return Since Inception:	14.89 percent	Inception Date:	11/30/2004
*All data as of December 31, 2012.

Clients

Credit Suisse Hedging-Griffo Serviços Internacionais provides direct investment management services for private companies, accredited investors and qualified clients.

Regulatory Assets Under Management (RAUM)*
Discretionary	$59.76 billion (952 accounts)
Nondiscretionary	$5.8 million (1 accounts)
Total	$59.76 billion (953 accounts)

Employees	360
Clients	1,000 total	16 percent non-U.S.
Fiscal Year Ends	December
All data as of December 31, 2016. *Regulatory Assets Under Management (RAUM) includes no deduction of offsetting liabilities, thus representing gross AUM, not net AUM. RAUM calculations include leverage, proprietary assets and uncalled capital commitments, among other items not required in the calculation of AUM.