Single asset manager hedge funds have swelled $500 billion in the past six months to $2.5 trillion, a 17% increase, according HFMWeek’s latest hedge fund administrators survey, but over all growth over the past 12 months has dipped from 53% in 2005 to 37%. As in another survey released last month, by HedgeFund.Net, Citco Fund Services tops the charts in single fund assets under administration with $390 billion, a 26% gain since the previous six-month survey in November, and total AUA with $530 billion, a 28% growth rate, while Fortis Prime Fund Solution holds the crown for fund of hedge funds AUA at $170 billion, a 27% increase. The slowing rate of single-fund AUA, says HFMWeek, should not be alarming. In the report accompanying the survey, it reveals, based on comments from industry prime brokerage sources, that "a significant number of large funds are expected to launch at the end of this year." It further notes that the second half of 2007 will see "some mega-launched particularly in Europe, with star managers suggested to be leaving groups such as Citadel, GLG" and other top hedge funds to launch their own firms. Funds of hedge funds appear to be gaining faster, with a 42% increase over the same period last year compared with a 38% gain for total hedge fund AUA. The total of hedge funds under administration has climbed an estimated 12% from 18.817 to 21,113, a figure that HFMWeek calls "conservative," as some administrators don’t report all their funds. William Keunen of Citco told HFMWeek that "the principle drivers" for the recent growth have been "both performance-related and net capital inflows within existing funds, more or less in equal measure."