Pensions & Investments magazine came out with their list of the world’s largest hedge fund firms – those with $20 billion or more in assets.
Their last ranking was back in December, 2007, so this year’s list reveals the effects of the carnage of 2008-2009 and some significant changes to the list. The hedge fund assets of three big firms – Goldman Sachs Asset Management, Renaissance Technologies Corp. and Citadel Investment Group – dropped out of the $20 billion club. But joining the list were Brevan Howard Asset Management LLP and Baupost Group LLC, Soros Fund Management LLC and Man Group PLC.
J.P. Morgan held onto the top spot on the list, managing $32.5 billion within J.P. Morgan Asset Management and $21 billion in Highbridge Capital Management LLC. This represented an 18.9% increase in assets from December, 2007.
Additions to the list reflect the growing influence of institutional money for hedge funds. Although many pension funds and endowments were forced to redeem assets for liquidity during the financial crisis, hedge fund managers report solid growth in institutional assets from last spring, when the markets started rebounding. One trend is that institutional investors are focusing more on “name brand” hedge funds for perceived safety, a move that is benefitting those in the $20 billion plus crowd.
You can see the full list of major hedge funds and get more details at Pensions & Investments magazine.