Pensions & Investments’ list of the world’s largest hedge fund firms — those with at least $20 billion as of Dec. 31 — shows that assets managed by the 11 companies totaled $316.2 billion, virtually the same as the $316 billion managed by the 10 hedge fund managers that made P&I’s last ranking, based on data as of Dec. 31, 2007.
The flat growth disguises what clearly was a period of intense turmoil for many hedge fund managers, some of which were rocked by performance woes in the last months of 2008 and first few months of 2009, as well as by client redemptions.
Holding its No. 1 ranking was J.P. Morgan, which managed $53.5 billion in hedge funds as of Dec. 31 — $32.5 billion by J.P. Morgan Asset Management and $21 billion by Highbridge Capital Management LLC. This is an increase of 18.9% from J.P. Morgan’s year-end 2007 total of $45 billion.
Bridgewater Associates Inc. remained in second place, with hedge fund assets of $43.6 billion as of Dec. 31. Bridgewater was among the hedge fund managers that showed healthy growth during the period, rising 21%.
Among significant changes on the list, the hedge fund assets of Goldman Sachs Asset Management, Renaissance Technologies and Citadel Investment Group fell below the $20 billion cutoff, dropping the three from the ranking, while Brevan Howard Asset Management, Baupost Group, Soros Fund Management and Man Group joined the list.
The full list will be published in the March 8 issue of P&I.