Insights into hedge fund

Nordic Hedge Fund Investor Survey investments amongst

Prime Brokerage, Capital Introduction – 2010 Nordic Investors
Table of Contents

Key Findings 3

Acknowledgement 4

Investor Profile 4

The investment process 7

Thresholds to invest 12

Allocations 19

Conclusions 19

Contact details 20
 Prime Brokerage, Capital Introduction

Key Findings

About the investor profile

✔  The respondents of this survey represent over $630 billion.
✔ Pension Funds1, Insurance Companies, and Asset Managers2 are by far the biggest investors
with over $600 billion under management.
✔  Most investors have not yet filled their maximum allocation quotas to hedge funds.
✔ Most investors invest in single managers as opposed to investing in Fund of Hedge Funds.

About the investment process

✔ The most common way to find hedge funds is through Capital Introduction teams, used by
76 % of the investors.
✔ Investors that have mandate to allocate 0–30 % of their total assets represent 80% of the
investors, excluding Fund of Hedge Funds.
✔ Most Nordic Investors are confident in their own ability to pick hedge funds and don’t use
external advisors when investing.
✔  When meeting a new hedge fund, the investor invests 5 % of the times in average.

About the thresholds to invest

✔  Most investors want at least one year of track record before they invest.
✔ 31 % of the investors don’t require funds to have a minimum asset size before they invest.
✔  56% of the investors accept lock-ups if the fund’s strategy so requires.
✔ Most investors have not changed their transparency requirements after the turbulence of 2008.

About the investors’ allocations

✔  41 % of the investors are increasing their allocations to hedge funds.
✔  During 2009, 68 % of all investments were made in non-Nordic hedge funds.
✔ Long/Short Equity and Global Macro are the strategies that the investors expect to perform
the best during 2010.

1
In this survey Pension Funds include State, Corporate, and Mutual Pension Funds
2
Investment companies and wealth management

  Nordic Hedge Fund Investor Survey – 2010  |  3

 Prime Brokerage, Capital Introduction

Acknowledgement
We are proud to present our first empirical Nordic Hedge Fund Investor Survey, which
analyses answers from investors actively allocating capital to hedge funds. This survey
will be performed on a yearly basis. The responses we have received provide valuable
insight into the Nordic investor sentiment and we would like to thank all the investors
that have participated in SEB Enskilda, Prime Brokerage, Capital Introduction’s 2010
Nordic Hedge Fund Investor Survey.

Investor Profile

Distribution of Survey Respondents by country

80%
73%
70%

60%

50%

40%

30%

20%
11% 11%
10% 5%

0%

Sweden Denmark Norway Finland

Swedish investors represent 73 % of the Nordic Investors in this survey.

4  |  Nordic Hedge Fund Investor Survey – 2010

 Prime Brokerage, Capital Introduction

Distribution of Survey Respondents by Assets

274
Asset Manager
253
Pension Fund
104
Insurance Company
Fund of Hedge Funds 1,5
Bank 1,5
Advisor/Consultants 1,0
Family Office/Private Investor
0,8
Corporate Treasury
0,7
Private Bank
0,6

1 10 100 1000
AUM ($bn)

The respondents of this survey represent $636 billion.

The biggest investors are Asset Managers, Insurance Companies and Pension Funds with more
than $600 billion in AUM.

Distribution of AUM by Investor Asset Size

35%

30%
30%

24%
25%
22% 22%

20%

15%

10%

5% 3%

0%

< $100m $100m - $500m $500m - $1,000m $1,000m - $10,000m > $10,000m

More than half of the investors are investors with at least $1 billion under management.

  Nordic Hedge Fund Investor Survey – 2010  |  5

 Prime Brokerage, Capital Introduction

Maximum percentage allocation of total assets to hedge funds

35%
30%
30%
27%

25% 23%

20%

15% 13%

10%
7%

5%

0%

< 10% 10% - 20% 20% - 30% 30% - 50% > 50%

I nvestors that have the mandate to allocate 0 – 30 % of their total assets represent 80 %
of the investors, excluding Fund of Hedge Funds.

Current percentage allocation to hedge funds

60%
52%
50%

40%

30% 27%

20%
12%
10% 6%
3%

0%

< 10% 10% - 20% 20% - 30% 30% - 50% > 50%

52 % of the investors have allocated less than 10 % of their total assets to hedge funds.

6  |  Nordic Hedge Fund Investor Survey – 2010

 Prime Brokerage, Capital Introduction

Allocation to Single Managers vs. FoHF

45%

40% 39%

35%

30%

25%
19%
20%
16% 16%
15%
10%
10%

5%

0%

< 25% 25% - 50% 50% - 75% 75% - 99% 100%

74 % of the investors do their major hedge fund investments in single managers,
as opposed to investing in Fund of Hedge Funds.

The investment process

Length of investment process

50%
44%
45%

40%

35%
31%
30%

25%
19%
20%

15%

10%
6%
5%

0%

< 1 month 1 - 3 months 3 - 6 months > 6 months

50 % of the investors have an investment process that is shorter than 3 months,
and more than 80 % of the investors have an investment process that is shorter
than 6 months.

  Nordic Hedge Fund Investor Survey – 2010  |  7

 Prime Brokerage, Capital Introduction

How investors find hedge funds

(multiple answers allowed)

Capital Introduction teams

Industry colleagues 76%

73%
Hedge fund seminars and
conferences 65%
Other 57%

54%
Third party marketeer
46%
Investment advisors
30%
Newspapers & Magazines 27%
24%
Online hedge fund research
providers
Newsletters 0% 20% 40% 60% 80%

76 % of the investors use Capital Introduction teams to find hedge funds.

Use of external advisors when investing

70% 65%

60%

50%

40% 35%

30%

20%

10%

0%

Use Don't use

Most Nordic investors are confident in their own ability to pick hedge funds.

8  |  Nordic Hedge Fund Investor Survey – 2010

Nordic Hedge Fund Investor Survey - 2010
Prime Brokerage, Capital Introduction

• About half of the Nordic investors use external consultants to make

operational DDQ on hedge funds before investing.
Nordic Hedge Fund Investor Survey - 2010
Use of external consultants to make operational DDQ
Use of external consultants to make operational DDQ
• About
60% half of the Nordic investors use external consultants to make
operational DDQ on hedge funds before investing.
54%

50% 46%
Use of external consultants to make operational DDQ

40%
60%
54%
30%
50% 46%

20%
40%

10%
30%

0%
20%
Use Don't use
10%

• About
78 %
0%
half of the Nordic investors use external consultants to make operational DDQ on
of the investors had less than 50 meeting with new Hedge Fund
hedge funds before investing.
managers during 2009.
Use Don't use
Number of First Meetings

• 78 % of the investors had less than 50 meeting with new Hedge Fund
managers during
60% 56%2009.

50% Number of First Meetings

Number of First Meetings
40%
60% 56%
30%
50% 22%
20%
40%
11% 11%
10%
30%
0%
22%
0%
20%
0-25 25-50 50-75 75-100 More than 100
11% 11%
10%
0%
0%

0-25 25-50 50-75 75-100 More than 100

78 % of the investors had less than 50 meeting with new Hedge Fund managers
during 2009.

-9-

-9-
  Nordic Hedge Fund Investor Survey – 2010  |  9
Nordic Hedge Fund Investor Survey - 2010
Prime Brokerage, Capital Introduction

Asset Managers has the highest average number of meetings with new
•
hedge funds.
Nordic Hedge Fund Investor Survey
Manager - 2010 andInvestments
Interviews
Manager Interviews and investments
Number of First Meetings

60
• Asset
50 Managers has the highest average number of meetings with new
hedge
40 funds.
30
Manager Interviews and Investments
20
10
Number of First Meetings

60
0
50

nk
40
er

y
s

ny

nd

to

ur
nd

Ba
ag

es
pa

Fu

as
Fu
an

e
30
om

e
In
on

at
Tr
tM

ge

iv
C

i
ns

e
at
ed
se

Pr
20
e

at
ri v
Pe
nc
fH
As

or
/P
a

p
o

10

or
ce
su
d

C
un

ff i
In

O
F

0
ily
m
Fa

nk
er

y
s

ny

nd

to

ur
nd

Ba
ag

es
pa

Fu

as
Fu

Average Number of Investments Average Number of First Meetings

an

e
om

e
In
on

at
Tr
M

ge

iv
C

i
ns
et

e
at
ed

Pr
e

at
s

ri v
Pe
nc
H
As

or
/P
ra
of

p
or
ce
su
nd

• A Fund of HedgehaveFunds has the highest allocation ratewith

of 8%.
C

sset Managers the highest average number of meetings new hedge funds.
ff i
In
Fu

O
ily

• The average allocation rate is about 5%.

m
Fa

Average Number of Investments Average Number of First Meetings

Allocation Rates
(Number of investments/Number of first meetings)

Fund of Hedge Funds has the highest allocation rate of 8%.

• 9,0%
The average
• 8,0% allocation rate is about 5%.
8,0%

6,6%
7,0% Allocation Rates
Allocation Rates
6,0% (Number
(Numberofofinvestments/Number
investments/Number of first meetings)
5,2% 5,1% of first
5,0%
meetings)
4,9% 4,8%
5,0%
9,0%
4,0% 8,0%
8,0%
3,0%
7,0% 6,6%
2,0%
6,0% 5,2%
1,0% 5,1% 5,0% 4,9% 4,8%
5,0%
0,0%
4,0%
Fund of Hedge Funds Pension Fund Family Office/Private Investor
3,0%
Insurance Company Corporate Treasury Private Bank
2,0%
Asset Manager
1,0%
0,0%

Fund of Hedge Funds Pension Fund Family Office/Private Investor

Insurance Company Corporate Treasury Private Bank
Asset Manager

Fund of Hedge Funds have the highest allocation rate of 8 %.

The average allocation rate is about 5 %.

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10  |  Nordic Hedge Fund Investor Survey – 2010

- 10 -
Nordic Hedge Fund Investor Survey - 2010
Prime Brokerage, Capital Introduction

Nordic Hedge Fund Investor Survey - 2010

• 19% of the investors made 75%-100% of their allocations to hedge
funds they have already invested in.
• 19% of the investors made 75%-100%
Reinvestments in ofFunds
Hedge their allocations to hedge
Reinvestments in
funds they have already invested in. Hedge Funds
45%
Reinvestments in Hedge Funds
39%
40%
45%
35%
39%
40%
30%
35%
25%
30% 19% 19%
20%
16%
25%
15%
19% 19%
20%
10% 16%
6%
15%
5%
10%
0% 6%
5%
0-10% 10-25% 25-50% 50-75% 75-100%
0%

3 50-75% to
Theofmajority
• 19 % of the
the investors made investors
0-10%
don’ttheir
seedallocations
10-25% of25-50%
75% – 100% hedge funds.
75-100%
hedge funds they have
• Among the investor categories, the Pension Funds had the highest
already invested in.
• seeding frequency.
The majority of the investors don’t seed 3 hedge funds.
• Among the investor categories, Proportion the Pension Funds had the highest
of seeders
seeding frequency.

80% Proportion of
Proportion ofseeders
seeders74%

70%
80% 74%
60%
70%
50%
60%
40%
50%
30% 26%
40%
20%
30% 26%
10%
20%
0%
10%
Seed Don't Seed
0%

Seed Don't Seed

3
Seed; investing in start-ups and at launch of new hedge fund strategies
The majority of the investors don’t seed hedge funds.
3

3 Among the investor categories, the Pension Funds had the highest seeding frequency.
Seed; investing in start-ups and at launch of new hedge fund strategies

- 11 -
3
Seed; investing in start-ups and at launch of new hedge fund strategies
- 11 -
  Nordic Hedge Fund Investor Survey – 2010  |  11
Nordic Hedge Fund Investor Survey - 2010
Nordic Hedge
PrimeFund Investor
Brokerage, Survey - 2010
Capital Introduction

Thresholds to invest
Thresholds to invest
Most investorstowant
• Thresholds 12-36
invest months of track record before they are
willing to invest.
• Most investors want 12-36 months of track record before they are
willing to invest. Track Record
Track Record Requirements
Requirements

60% Track Record Requirements

52%
60%
50%
52%
50%
40%

40%
30%

21%
30%
20%
12% 21%
20% 9%
10% 6%
12%
9%
10% 6%
0%

0% < 3 months 3-6 months 6-12 months 12-36 months > 36 months

< 3 months 3-6 months 6-12 months 12-36 months > 36 months
33%
• Most of thewant
investors investors don’t have
12-36 months any
of track restrictions
record about
before they representing
are willing to invest. a
too large proportion of a fund’s assets.
• 33% of the investors don’t have any restrictions about representing a
too large proportion ofMaximum
a fund’s assets.
Concentration

40% Maximum Concentration

Maximum Concentration

35%
40% 33%

30%
35% 33%

25%
30% 22%
19%
20%
25% 22%
19%
15%
20%
11%
10%
15%
6% 11% 6%
5%
10% 3%
6% 6%
0%
5% 3%

0% 0-5% 5-10% 10-15% 15-20% 20-25% > 25% Have no such requirement

0-5% 5-10% 10-15% 15-20% 20-25% > 25% Have no such requirement

33 % of the investors don’t have any restrictions about representing a too large
proportion of a fund’s assets.

- 12 -
- 12 -

12  |  Nordic Hedge Fund Investor Survey – 2010

Nordic Hedge Fund Investor Survey - 2010

• 31 % of the investors don’t require funds to have a minimum Prime

asset size
Nordic Hedge Fund
before Investor
they Survey - 2010
can invest.
Brokerage, Capital Introduction

• 72% of the investors with minimum asset size limits require the fund
• to
31be
% bigger than $50 million.
of the investors don’t require funds to have a minimum asset size
before they can invest. Minimum Asset Size
Minimum Asset Size
• 72% of the investors with minimum asset size limits require the fund
to be bigger than $50 million.
35%
31%
30% Minimum Asset Size

25%
35% 22%
19% 31%
20%
30%

15%
25% 22% 11%
10% 19% 8% 8%
20%

5%
15%
11%
0%
10% 8% 8%

< $50m $50m - $100m $100m - $500m

5%
$250m - $500m > $500m Have no such requirement
0%

71%
• 31 % of <the
of the investors
investors
$50m have requirements
don’t require funds
$50m to have a of
- $100m the fund’s
minimum asset liquidity.
$100m size before they
- $500m

Monthly
• can liquidity
invest. $250m - $500m
is the most> $500m
common requirement. Have no such requirement

72 % of the investors with minimum asset size limits require the fund to be bigger
Requirements of Liquidity
71%
• than $50ofmillion.
the investors have requirements of the fund’s liquidity.
• Monthly
50% liquidity is the most common requirement.
46%
45%
Requirements of
Requirements ofLiquidity
Liquidity
40%
50%
35% 46%
45%
30% 29%

40%
25%
35%
20% 17%
30% 29%
15%
25%
10%
6%
20%
5% 3% 17%
15%
0%
10%
Daily Weekly 6%
Monthly Quarterly We have no such requirement
5% 3%

0%

Daily Weekly Monthly Quarterly We have no such requirement

71 % of the investors have requirements of the fund’s liquidity.

Monthly liquidity is the most common requirement.

- 13 -

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  Nordic Hedge Fund Investor Survey – 2010  |  13

Nordic Hedge
PrimeFund Investor
Brokerage, Survey - 2010
Capital Introduction

Nordic Hedge
• 56% Fund Investor
of the Survey
investors - 2010
accept Lock-Ups if the strategy so requires.

Acceptance Acceptance of Lock-Ups

of Lock-Ups
• 56% of the investors accept Lock-Ups if the strategy so requires.
Acceptance of Lock-Ups
60% 56%

50%
60% 56% 44%

40%
50%
44%
30%
40%

20%
30%

10%
20%

0%
10%
Accept Lock-Ups Don't Accept Lock-Ups
0%

14%
• 5 6 % of the
of the investors
investors had increased
acceptAccept
Lock-Ups their requirements
if the strategy
Lock-Ups so requires.
Don't Accept Lock-Ups
of transparency
after the turbulence of 2008. Examples of new requirements are
• 14% visibility
of theof investors
the portfolio
hadand more regular
increased updates.
their requirements of transparency
after the turbulence of 2008. Examples of
Changes of transparancy requirements after 2008 new requirements are
visibility of the portfolio and more regular updates.
100%
Changes
Changes of transparancyrequirements
of transparancy requirements after 2008
after 2008
90% 86%

100%
80%

90%
70% 86%

80%
60%

70%
50%
60%
40%

50%
30%
40%
20% 14%
30%
10%
20%
0% 14%

10%
Increased requirements Unchanged requirements
0%

Increased requirements Unchanged requirements

14 % of the investors had increased their requirements of transparency after the
turbulence of 2008. Examples of new requirements are visibility of the portfolio and more
regular updates.

- 14 -

14  |  Nordic Hedge Fund Investor Survey – 2010 - 14 -

Nordic Hedge Fund Investor Survey - 2010
Prime Brokerage, Capital Introduction

• 41% of the investors are interested in structures solutions such as

managed accounts.
Nordic Hedge Fund Investor Survey - 2010
Interest in managed accounts
Interest in managed accounts
70%
• 41% of the investors are interested in structures solutions such as
managed accounts.
60%
59%

50% Interest in managed accounts

41%
70%
40%

59%
60%
30%

50%
20%
41%
40%
10%

30%
0%

20% Interested in managed accounts Not interested in managed accounts

10%
35%
• 41 % of the
of the investors
investors have UCITS
are interested as their
in structures preferred
solutions legal
such as structure.
managed accounts.
0%
Legal Structure Preferences
Interested in managed accounts
(multiple Not
answers interested in managed accounts
allowed)

• 35% of the investors have UCITS as their preferred legal structure.

Legal Structure Preferences
Legal Structure Preferences
43%
(multiple
(multipleanswers
answersallowed)
allowed)

35% We have no such preferences

UCITS
Off-shore
22%
On-shore
43%

16%
35% We have no such preferences
UCITS
Off-shore
22%
On-shore
0% 10% 20% 30% 40% 50%

16%

0% 10% 20% 30% 40% 50%

43 % of the investors have no preferences regarding legal structure.

- 15 -

  Nordic Hedge Fund Investor Survey – 2010  |  15

- 15 -
Nordic Hedge Fund Investor Survey - 2010

Nordic Hedge Fund Investor

Prime Brokerage, Survey - 2010
Capital Introduction

Allocations

• 41% of the Nordic Investors are expecting to increase their allocations

Allocations
to hedge funds during 2010.
Allocations
• 41% of the NordicofInvestors
Expectations arealloctions
hedge fund expectingtoto increase their allocations
increase/decrease
to hedge funds
Expectations duringfund
of hedge 2010. during 2010increase/decrease during 2010
allocations
55% Expectations of hedge fund alloctions to increase/decrease
50%
during 2010
46%
45%
55% 41%
40%
50% 46%
35%
45%
30% 41%
40%
25%
35%
20%
30% 14%
15%
25%
10%
20%
5% 14%
15%
0%
10%
5% Increase Decrease Remain unchanged
0%

European
• 41 % and Investors
of the Nordic American are hedge funds
expecting
Increase were their
to increase
Decrease Remain the allocations
largest targets
unchanged to the
to hedge
Nordic
funds investors
during 2010. during 2009.
•• 68% of all investments
European and American were madefunds
hedge in non-Nordic
were the hedge
largestfunds.
targets to the
NordicRegions
investors during
where 2009. have been made during 2009
investments
• 68% of all investments were made
multiple inpossible
answers non-Nordic hedge funds.
Regions where investments have been made during 2009
Regions where investments have been made during 2009
(multiple answers possible)
multiple answers possible
68%

Europe 51%
USA 68%
51%
Nordic
Europe
Asia ex-Japan 19% 51%
USA Europe
Eastern 8% 51%
Nordic
Japan
Asia America
ex-Japan 8% 19%
Latin
Eastern
Africa Europe 3% 8%
Japan
3% 8%
Latin America
Africa 3%

0% 3% 10% 20% 30% 40% 50% 60% 70% 80%

0% 10% 20% 30% 40% 50% 60% 70% 80%

E uropean and American hedge funds were the largest targets to the Nordic investors
during 2009.
- 16 -
68 % of all investments were made in non-Nordic hedge funds.

- 16 -

16  |  Nordic Hedge Fund Investor Survey – 2010

Nordic Hedge Fund Investor Survey - 2010 Prime Brokerage, Capital Introduction

• Europe keeps the position as the largest investment target during 2010.
• Investors expect to increase their investments by 25% in Asia ex-Japan
in 2010 compared to 2009.

RegionsRegions where investors

where investors expectexpect to increase
to increase theirallocations
their allocations during 2010
during 2010
(multiple answers allowed)
multiple answers allowed

51%
Europe 35%
USA
32%
Nordic
Asia ex-Japan 24%
Eastern Europe 5%
Japan
5%
Latin America
Africa 3%

0%

0% 10% 20% 30% 40% 50% 60%

Europe keeps the position as the largest investment target during 2010.
• Long/Short Equity was the strategy that attracted the most investments
during 2009.
Distribution of investments 2009 by strategies
multiple answers allowed

Long/short Equity Distribution of investments 2009 by strategies

Global Macro
Distribution of(multiple
investmens
answers 2009
allowed)by strategies 57%
multiple answers allowed 43%
CTA/Managed Futures
38%
Credit
35%
Market Neutral
32%
High Yield/Distressed
30%
Multi Strategy
30%
Commodities 27%
Event Driven 22%
Fixed Income Arbitrage 22%
Other 19%
Volatility Arbitrage 16%
Long/Short Equity, High Turnover Trading 16%
Statistical Arbitrage 14%
Convertible Arbitrage 14%
Merger Arbitrage
8%
Long/Short Equity, Sector bias
8%
8%
Long/Short Equity, Small/Mid Cap
3%
Long/Short Equity, Short bias

0% 10% 20% 30% 40% 50% 60%

Long/Short Equity was the strategy that attracted most investments during 2009.
- 17 -

  Nordic Hedge Fund Investor Survey – 2010  |  17

 Prime Brokerage, Capital Introduction

Expected increase of allocations for 2010 by strategy

Expected increase of allocations
(multiple for 2010 by strategy
answers allowed)
multiple answers allowed

Global Macro is expected to be the most popular strategy during 2010.

Strategies expected to perform favorably during 2010

Strategies expected to perform
(multiple favorably during 2010
answers allowed)
multiple answers allowed

Global Macro and Long/Short Equity are the strategies that most investors believe
will perform favorably during 2010.

18  |  Nordic Hedge Fund Investor Survey – 2010

 Prime Brokerage, Capital Introduction

Strategies which are hard to find

When asked what strategies that the investors thought was hard to find, we received mixed
responses. Several investors thought it was hard to find Long/Short Equity strategies that
performed well both in bull and bear markets, while others thought it was hard to find Hedge
Funds with a focus on Latin America. The most common response was that it is hard to find
consistent out performers over a long term horizon.

Conclusions
The hedge fund industry is expected to grow further during 2010. 41 % of the investors are
expecting to increase their allocations and most investors have not yet filled their maximum
allocation quotas to hedge funds.

Around 25 % of the investors expect Event Driven, Credit and High Yield/Distressed strategies
to perform well during 2010, while only around 11 % of the investors expect to increase their
allocations to these strategies this year. This is likely to be because of investors diversifying their
portfolios and that they are making long term investments, where the next year’s performance
won’t be the most important factor in their investment decision.

The typical Nordic investor requires a hedge fund to have 12-36 months of track record, a
fund size larger than $50 million and monthly liquidity, to be willing to invest. Furthermore,
the Nordic investor takes about 30 new meetings per year and invests in 1 or 2 of the managers
he or she has met. However, most Nordic investors are open-minded when it comes to hedge
fund strategies and diversification of their investments. In 2009 most of the investors allocated
the majority of their assets to hedge funds that they had not previously invested in.

  Nordic Hedge Fund Investor Survey – 2010  |  19

 Prime Brokerage, Capital Introduction

Contact Details
Jonas Lindgren Charlotte Bonde Tamm
Head of Prime Brokerage Head of Capital Introduction
+46 8 506 23 306 +46 8 506 23 311

Albert Hammar Peter Lindohf

Head of Prime Brokerage Sales Survey Editorial
+46 8 506 23 308 +46 8 506 23 065

Prime Brokerage
SEB Enskilda Prime Brokerage, is a unit exclusively set up to provide service to money managers
with an absolute return focus, all strategies, structures and geographies. SEB Enskilda Prime
Brokerage has over 30 years of experience with leading European and US Hedge Funds.

Disclaimer
The information in this document has been compiled by SEB Merchant Banking, a division
of Skandinaviska Enskilda Banken AB (publ) (“SEB”). It is produced for private information of
recipients and SEB is not soliciting any action based upon it. All information has been compiled
in good faith from sources believed to be reliable. However, no representation or warranty,
expressed or implied, is made with respect to the completeness or accuracy of its contents
and the information is not to be relied upon as authoritative. Recipients are urged to base any
investment decisions upon such investigations as they deem necessarily. To the extent permit-
ted by applicable law, no liability whatsoever is accepted for any direct or indirect loss arising
from the use of this document or its content. Your attention is drawn to the fact that SEB, or
any entity associated with SEB or its affiliates, officers, directors, employees or shareholders
of such members may from time to time have holdings in the securities mentioned herein.

Confidentiality Notice
This report is confidential and may not be reproduced or redistributed to any person other
than its recipient from the Bank. Skandinaviska Enskilda Banken AB (publ), 2010. All rights
reserved.

20  |  Nordic Hedge Fund Investor Survey – 2010

 Finland
St: Petersburg
Norway
Moskva Russia
Sweden
Estonia

Latvia
New York Denmark
Beijing
Lithuania

Shanghai
London New Delhi
Poland
Germany
Warzaw
Ukraine
Paris Luxemburg
Kiev

Singapore
Geneve

Marbella
Nice

São Paulo

pb_=áë=~=kçêíÜ=bìêçéÉ~å=Ñáå~åÅá~ä=Öêçìé=ëÉêîáåÖ=ëçãÉ=QMMIMMM=Åçêéçê~íÉ=ÅìëíçãÉêë=
~åÇ=áåëíáíìíáçåë=~åÇ=ÑáîÉ=ãáääáçå=éêáî~íÉ=áåÇáîáÇì~äëK=pb_=çÑÑÉêë=ìåáîÉêë~ä=Ä~åâáåÖ=
ëÉêîáÅÉë=áå=pïÉÇÉåI=dÉêã~åó=~åÇ=íÜÉ=_~äíáÅ=ÅçìåíêáÉë=J=bëíçåá~I=i~íîá~=~åÇ=
SEB is a North European financial group serving some 400,000 corporate customers
iáíÜì~åá~K=fí=~äëç=Ü~ë=äçÅ~ä=éêÉëÉåÅÉ=áå=íÜÉ=çíÜÉê=kçêÇáÅ=ÅçìåíêáÉëI=mçä~åÇI=râê~áåÉ=
and institutions and five million private individuals. SEB offers universal banking
~åÇ=oìëëá~=~åÇ=~=ÖäçÄ~ä=éêÉëÉåÅÉ=íÜêçìÖÜ=áíë=áåíÉêå~íáçå~ä=åÉíïçêâ=áå=ã~àçê=Ñáå~åÅá~ä=
services in Sweden, Germany and the Baltic countries – Estonia, Latvia and Lithuania.
ÅÉåíÉêëK=lå=PM=gìåÉ=OMMVI=íÜÉ=dêçìéDë=íçí~ä=~ëëÉíë=~ãçìåíÉÇ=íç=pbh=OIPTQÄå=Eúbro=
It also has local presence in the other Nordic countries, Poland, Ukraine and Russia
OOMÄåF=ïÜáäÉ=áíë=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=íçí~ääÉÇ=pbh=NIOSTÄå=Eúbro=NOMÄåFKqÜÉ=
and a global presence through its international network in major financial centers.
dêçìé=Ü~ë=~Äçìí=OMIRMM=ÉãéäçóÉÉëK=oÉ~Ç=ãçêÉ=~Äçìí=pb_=~í=ïïïKëÉÄÖêçìéKÅçãK=
= On March 31, 2010, the Group’s total assets amounted to SEK 2,285bn while its assets
under management totalled SEK 1.382bn. The Group has about 19.000 employees.
táíÜ=Å~éáí~äI=âåçïäÉÇÖÉ=~åÇ=ÉñéÉêáÉåÅÉI=ïÉ=ÖÉåÉê~íÉ=î~äìÉ=Ñçê=çìê=ÅìëíçãÉêë=Ó=~=
í~ëâ=áå=ïÜáÅÜ=çìê=êÉëÉ~êÅÜ=~ÅíáîáíáÉë=~êÉ=ÜáÖÜäó=ÄÉåÉÑáÅá~äK=
= Read more about SEB at www.sebgroup.com
j~ÅêçÉÅçåçãáÅ=~ëëÉëëãÉåíë=~êÉ=éêçîáÇÉÇ=Äó=çìê=bÅçåçãáÅ=oÉëÉ~êÅÜ=ìåáíK=_~ëÉÇ=çå=
ÅìêêÉåí=ÅçåÇáíáçåëI=çÑÑáÅá~ä=éçäáÅáÉë=~åÇ=íÜÉ=äçåÖJíáãÉ=éÉêÑçêã~åÅÉ=çÑ=íÜÉ=Ñáå~åÅá~ä=
ã~êâÉíI=íÜÉ=_~åâ=éêÉëÉåíë=áíë=îáÉïë=çå=íÜÉ=ÉÅçåçãáÅ=ëáíì~íáçå=Ó=äçÅ~ääóI=êÉÖáçå~ääó=
~åÇ=ÖäçÄ~ääóK=
=
låÉ=çÑ=íÜÉ=âÉó=éìÄäáÅ~íáçåë=Ñêçã=íÜÉ=bÅçåçãáÅ=oÉëÉ~êÅÜ=ìåáí=áë=íÜÉ=èì~êíÉêäó=kçêÇáÅ=
lìíäççâI=ïÜáÅÜ=éêÉëÉåíë=~å~äóëÉë=ÅçîÉêáåÖ=íÜÉ=ÉÅçåçãáÅ=ëáíì~íáçå=áå=íÜÉ=ïçêäÇ=~ë=
ïÉää=~ë=bìêçéÉ=~åÇ=pïÉÇÉåK=^åçíÜÉê=éìÄäáÅ~íáçå=áë=b~ëíÉêå=bìêçéÉ~å=lìíäççâI=ïÜáÅÜ=
ÇÉ~äë=ïáíÜ=`Éåíê~ä=~åÇ=b~ëíÉêå=bìêçéÉ=áåÅäìÇáåÖ=oìëëá~=~åÇ=~ééÉ~êë=íïáÅÉ=~=óÉ~êK=
SEMB0039 2009.08
SEMB0022 2010.07