The Australian arm of the international hedge fund industry body, Alternative Investment Management Association (AIMA), announced Australia’s top performing hedge funds and money managers at the 2009 Australian Hedge Fund Industry Awards.Now in its fifth year, the Awards recognise achievement and excellence within the sector and coincide with Hedge Funds Rock, the industry’s most popular annual charity event, which was held last night at The Ivy in Sydney.More than 250 hedge fund professionals attended the event which raised money for children’s cancer charity, Cure Our Kids. In eight years the Australian hedge fund community has donated over $2 million.AIMA Australia Chairman Kim Ivey says one of the principal aims of the Awards is to raise awareness of the diversity in the hedge fund sector.“Australian Hedge fund managers are experiencing an era of rejuvenation and the outlook for the industry is looking very positive,” said Ivey.“AIMA Australia is delighted to support this event as it improves the understanding of hedge funds and their strategies. The event also provides an opportunity for managers to showcase their incredible talent to a global audience.”Winners were judged by an independent group of hedge fund researchers. Manager performance was measured using judging criteria devised to assess how Australian absolute return managers were able to meet their investment objectives and adapt to changing investment environments. The criteria were:• Absolute returns versus their peers over varying time periods• Sortino ratios1, a risk adjusted measure of performance• Rates of performance drawdown and recoveryMore than 150 funds were judged, with 20 finalists chosen across 8 categories.Hedge Funds Rock started as an industry ‘bands night’ in 2002 when a group of musicians from the financial industry formed a band to play and raise money for Cure Our Kids.Cure Our Kids raises funds and provides services to help provide a better quality of life for children with cancer and their families.This year’s entertainment featured Legends of Rock, Ross Wilson (Mondo Rock & Daddy Cool), Joe Camilleri (Jo Jo Zep & the Falcons & Black Sorrows) and Eric Weideman (1927) live and acoustic.Hedge Funds Rock 2009 was sponsored by Barclays Capital, Bloomberg Tradebook, CITCO, Citi, Credit Suisse, Deutsche Back, Fortis, HSBC, RBS and UBS.