2008213 1
2 1 3 2005 2005 1 () 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2
9 2 413 689 10 20063 3
3 180 13 58 Barclay Global State Street Global Fidelity Investments Vanguard Group Legg Mason Capital Research JPMorgan Asset Mellon Financial Deutsche Asset Mgmt Northen Trust Global Morgan Stanley PIMCO UBS Global Asset Alliance Bernstein AIG Global Investment Merrill Ly nch Prudential Financial ING Wellington Mgmt Goldman Sachs Asset () 7,274.2 4,569.7 6,094.2 5,122.3 4,014.0 1,776.5 1,578.2 824.4 912.2 1,179.0 1,091.6 1,044.3 818.2 584.4 662.8 586.4 4,482.2 1,964.2 270.4 1,535.8 811.2 7.0 406.2 244.1 17.6 126.3 823.5 1,188.6 379.0 11.0 2.3 62.1 104.9 7.7 12,579.9 7,722.5 6,743.6 6,669.1 4,827.5 1,783.5 1,578.2 1,292.7 1,261.2 1,179.0 1,091.6 1,061.9 818.2 718.4 662.8 586.4 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 7,949.9 150.1 138.0 8,238.0 46,082.3 10,015.1 2,717.1 58,814.5 4
5
250 200 150 100 50 0 198 GDP 1.6 0.7 15 12 0.3 1.8 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 6
0.4 Lipper TASS Database Lipper TASS Database 7
US$ bn 180 2006 160 140 Other Singapore HK/ China 120 100 Japan 80 Australia 60 40 USA 20 UK 0 2000 2001 2002 2003 2004 2005 adj 2006 adj 2007* Source: AsiaHedge; * Data As of June 2007 8
US$ bn 180 160 140 120 100 Long/Short 2006 Others* Indian Equity Asian FI/Distressed** Macro Chinese Equity Australian Equity Multistrategy Global Equity 80 60 40 Asia Inc Japan And Market Neutral Asia Ex Japan And Market Neutral 20 Japan Long Short And Market Neutral 0 Jun04 Dec04 Jun05 Dec05 adj Jun06 adj Dec06 adj Jun07 Source: AsiaHedge; Others include Arbitrage, Vietnamese equity, specialist, global fixed income, managed futures, Taiwanese equity, Thai equity, Indonesian equity, emerging market, commodities, FX, Korean equity and event driven strategies; ** Distressed funds were added since December 2005 9
2007 New Asset Raised ($ mm) 1,800 1,600 1,524 1,400 1,200 1,219 1,137 1,041 1,000 800 600 400 200 117 96 56 0 Singapore UK HK & China USA Others Japan Australia Source: AsiaHedge Note: $1bn of assets raised in Singapore is from Broad Peak 10
2004 2007 New Asset Raised ($ mm) 5,500 4,400 Singapore 3,300 Others Australia Hong Kong & China 2,200 Japan UK 1,100 0 2H 2004 1H 2005 2H 2005 1H 2006 (adj) 2H 2006 1H 2007 USA Source: AsiaHedge 11
20063 ~ BIS 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12
100 :Capegeminil Merrill Lynch "world wealth report" March 2003,April 2005,March 2006 100 90 80 70 60 50 40 30 20 10 0 (%) 2002 2004 2005 2007E 13
Master/Feeder Umbrella Hedge Fund Structure Outline For simplicity we are not illustrating each UMJ fund on this graph NonUS and US tax exempt Investors Seeking Exposure to: UMJ No.1, UMJ Neutro Fund or UMJ Mercatus AsiaPacific Fund UMJ International Feeder Fund (Cayman Umbrella Unit Trust comprising multiple SubFunds) US Taxable Investors Seeking Exposure to : UMJ No.1, UMJ Neutro Fund or UMJ Mercatus Asia Pacific Fund UMJ US Feeder Fund (Delaware Umbrella LLC comprising multiple classes) UMJ No.1 International Feeder Fund UMJ Neutro International Fund UMJ Mercatus AsiaPac Intl Fund UMJ No.1 US Feeder Fund UMJ Neutro US Fund UMJ Mercatus AsiaPacific US Fund RBC Cayman Trustee GS Ireland /HK Administrator UMJ Singapore Investment Manager GS Princeton Administrator UMJ Singapore Investment Manager/Managing Member GS HK Prime Broker RBC Cayman Trustee GS Ireland Administrator UMJ MASTER FUND (Cayman Umbrella Unit Trust comprising Multiple SubFunds) UMJ No.1 Fund UMJ Neutro Fund UMJ Mercatus AsiaPacific Fund Each Feeder Sub Fund/Class invests only in its related Master Sub Fund UMJ Singapore Invest'mt Mgr UMJ Japan Investment Advisor Investments Investments Investments Japan Alternative, Investment Advisor 14
Family Office, FoF BIS 15
16
17 %
18
19 /
1983 2007 20