Top 30 Funds of funds

Offshore Funds

Below are the Top 30 Funds of Funds as ranked by December 2005 Assets Under Management

• UBS Global Asset Management (GAM) (London, UK and Stamford, CT) $45.0 billion
• Man Investments (London, UK and Pfaffikon, Switzerland) $35.6 billion
• Union Bancaire Privée (UBP) (Geneva, Switzerland) $20.8 billion
• HSBC Private Bank (Suisse) / HSBS Republic Investments (London, UK) $20.2 billion
• Permal Asset Management (New York, NY) $18.8 billion
• Société Générale (Paris, France) $15.9 billion
• Quellos Capital Management (Seattle, WA) $15.0 billion ([www.quellos.com])
• Ivy Asset Management (Jericho, NY) $14.9 billion
• Grosvenor Capital Management (Chicago, IL) $14.7 billion
• Goldman Sachs Hedge Fund Strategies (Princeton, NJ) $14.2 billion
• Financial Risk Management (FRM) (London, UK) $ 13.3 billion
• Pictet & Cie. (Geneva, Switzerland) $13.0 billion
• Crédit Agricole Alternative Investment Products Group (Paris, France) $11.8 billion
• Notz Stucki & Cie. (Geneva, Switzerland) $10.7 billion
• Blackstone Alternative Asset Management (New York, NY) $9.3 billion
• Arden Asset Management (New York, NY) $9.2 billion
• Pacific Alternative Asset Management Co. (PAAMCO) (Irvine, CA) $8.9 billion]]
• J.P. Morgan Alternative Asset Management (New York, NY) $8.8 billion
• Mesirow Advanced Strategies (Chicago, IL) $8.2 billion
• Tremont Capital Management (Rye, NY) $8.2 billion
• CSFB Alternative Capital (New York, NY) $7.9 billion
• AIG Global Investment Group (New York, NY) $6.7 billion
• Harris Alternatives (Chicago, IL) $6.7 billion
• DB Absolute Return Strategies (New York, NY) $6.6 billion
• RBS Asset Management (London, UK) $6.5 billion
• Lehman Brothers Alternative Investment Management (New York, NY) $6.2 billion
• EIM (Nyon, Switzerland) $6.0 billion
• Gottex Fund Management (Lausanne, Switzerland) $5.1 billion
• Morgan Stanley Alternative Investment Partners (West Conshohocken, PA) $5.1 billion