The top two prizes of this year's Hedge Funds Review awards were won by MT Thaler's emerging markets fund and Shooter Fund Management's multi-strategy fund.

Absolute Capital Management and RAB Capital were joint winners of hedge fund group of the year.

MT Thaler's New Europe Fund made 21 per cent for the year, by investing in emerging markets. Shooter's multi-strategy fund was chosen for above-average performance in the niche area of arbitraging volatility.

Millennium Asset Management's Global High Yield Fund was named best-performing hedge fund over three years, with returns of 169 per cent.

Separately, Alpha Magazine named Goldman Sachs Asset Management top of the world's 100 biggest hedge funds,with $21 billion of assets under management.

The largest London-based hedge funds are Barclays Global Investors, sixth with $14.3 billion and Man Investments, eighth with $12.7 billion.

For the record, HFR's winners are the following:

Emerging markets: MT Thaler New Europe Fund, MT Thaler Investment Management
Long/short equities: AlphaGen RhoCas Fund, Gartmore
Equity market neutral: DWS Hedge Long/short Equity Market, DWS Investments
Fixed income: Spinnaker Global Opportunity Fund, Spinnaker Capital
Managed futures: DISCUS Managed Futures Program, Capital Fund Management
Global macro: Greater Europe Fund, Wermuth Asset Management
Convertible bond: Fortis Alpha Strategies Convertible Arbitrage Fund, Fortis
Multi-strategy: Shooter Multi-style Fund, Shooter Fund Management
Event-driven: Trafalgar Recovery, Trafalgar
Energy: RAB Energy, RAB Capital
Under $25m: Occo Latin America Fund, Charlemagne Capital
New launch: DWS Hedge Long/short Equity Market Neutral, DWS
Over three years: Millenium Global High Yield, Millenium Asset Management
Over 10 years: Sloane Robinson Global Fund Class G Emerging, Sloane Robinson
Group: (joint) Absolute Capital Management and RAB Capital