It was a good first half of 2006 for funds of hedge funds, as they added $100 billion in assets, according to the latest InvestHedge Billion Dollar Club Survey - a remarkable improvement from the $72 billion in new FoHF money for all of 2005. The 16% growth rate is more than double the 7% recorded last year. The survey found that the biggest funds of hedge funds, namely those with at least $1 billion AUM, account for $720 billion - a figure that represents about 40% of the entire hedge fund industry. "So far this year the volatility in May and June has shaken a few cobwebs and effectively spring-cleaned the industry," InvestHedge editor Niki Natarajan said in a statement. "Despite the performance losses in those months, only 10 firms showed net asset outflows and the rest of the industry, particularly the larger firms, have seen a return to healthy asset growth." Leading the pack among the 10 largest firms is UBS Global Asset Management A&Q with $37.72 billion AUM, followed by Union Bancaire Privee ($30.04 billion), Permal Investment Management ($26 billion), GAM Multi-Manager (25.76 billion), HSBC Republic ($25.21 billion), Credit Suisse ($20 billion), RMF ($19.2 billion), Lyxor Asset Management ($17.8 billion), Credit Agricole Asset Management Alternative Investments (17.57 billion) and Grosvenor Capital Management ($17.4 billion). Together with the next 10 firms on the list, the top 20 control 51% of InvestHedge Billion Dollar Club.