Fig. 7 demonstrates that between 2010
and 2012 there was a noticeable increase in the proportion of
smaller fund of hedge funds managers, with 37% of managers
having total assets of less than $250mn in 2011 compared with 30%
in 2010. As a result some of the larger size groups have shown a
proportional decrease since 2010, with the $2-4.9bn range showing
a five percentage point decrease. However, many of the largest
European funds of hedge funds have retained their presence in the
hedge fund industry in the wake of the financial crisis.