Assets in the 'billion-dollar club' of funds of hedge funds have stabilised in the first half of the year, in contrast to the losses the group suffered in the same period a year ago.

Blackstone Alternative Asset Management took the top spot from UBS Global Asset Management A&Q in trade magazine InvestHedge's twice-yearly survey of the largest funds of hedge funds. Those funds suffered combined asset falls of $3.6bn, or 0.6%, in the first half of this year.