UBS Global Asset Management's Stamford, Connecticut–based A&Q Hedge Fund Solutions, formerly UBS Alternative and Quantitative Investments, remains one of the largest fund of funds in the world, despite a troubled history following the 2008 financial crisis — not unusual for a fund-of-funds firm. A&Q faced a 55 percent drop in assets under management between its 2007 peak and 2012 trough. In 2014, however, the firm trailed only Blackstone Alternative Asset Management (BAAM) for a second consecutive year on Alpha's Fund of Funds 50 ranking and continued to grow assets through the year, reaching $31 billion in July. The firm attributes its growth, beginning in 2013, to an aggressive move towards equity long-short as a strategy, while reducing exposure to credit long-short commingled vehicles…