The majority of hedge fund and hedge funds-of-funds managers saw an increase in their assets in the year ended June 30, but there was wide dispersion in terms of growth rates between the best and worst firms and between hedge fund and hedge funds-of-funds managers.
Significantly more hedge fund managers — 70% — reported their worldwide assets grew in a year-to-year comparison than did funds-of-funds managers, data from Pensions & Investments' annual survey show. Only 55% of hedge funds-of-funds managers said their assets rose during the 12 months.
Aggregate assets managed worldwide by the 128 institutionally oriented, single-strategy and multistrategy hedge fund managers totaled $1.35 trillion as of June 30, P&I's survey showed.
The 25 largest hedge fund managers in the P&I universe managed a collective $730.5 billion, about 54% of total assets of those surveyed.
Assets managed in hedge funds-of-funds worldwide as of June 30 totaled $441.2 billion. Assets managed by the 25 largest funds-of-funds managers totaled $381.1 billion, or 86.4% of the total.
Institutional investors' collective evolution to direct investments in hedge funds has continued to be a drain on hedge funds-of-funds assets, P&I data show.
In the approximately seven years since the financial crisis, hedge funds-of-funds assets managed worldwide have declined 37% from the universe's peak of $699.9 billion as of June 30, 2008, P&I data showed.
The results of the annual survey and more analysis will be in the Sept. 21 issue of P&I.