The UBS Global Asset Management A&Q fund of funds lost 41% last year and underperformed the sector’s average 30% decline, but retained its top spot in terms of assets under management following a year of volatile and illiquid markets, poor performance and massive outflows hitting the industry.

According to data from fund of funds journal InvestHedge, UBS' fund's assets fell from $57.5bn (€45.2bn) to $34bn over 2008, a fall of $23.5bn. In the journal's top 10 rankings, only GAM fared worse, losing 44% of assets to drop from $33.1bn to $18.4bn in twelve months.