Firms managing hedge funds reported to P&I a very broad range of growth rates in the year ended June 30 from 86.9% to -70%.
Some of the fastest-growing hedge fund firms were near the smaller end of P&I's ranking of managers by assets under management, including 400 Capital Management LLC, with asset growth of 86.9% to $1.4 billion; Neuberger Berman LLC, also with growth of 86.9% to $1.1 billion; Tilden Park Capital Management LP, up 85.7% to $3.7 billion; Waterfall Asset Management LLC, up 82% to $4.2 billion; and Hutchin Hill Capital LP, up 78.3% to $4.1 billion.
Exhibiting a more modest growth rate for the year ended June 30, Bridgewater Associates LP retained the No. 1 position by worldwide hedge fund assets under management in P&I's ranking with a gain of 13.6% to $103.6 billion. AQR Capital Management LLC grew by 44.3% to $45.6 billion, popping the firm up to the second spot from sixth in the prior year. AQR displaced Man Group which dropped to third place with $44.4 billion, up 6.5% from the prior year.
Two Sigma Investments LLC jumped into the ranks of the 25 largest hedge fund firms for the first time in 2015, experiencing the highest growth rate among the big managers for the year ended June 30 — 59.6% — to $21.7 billion.
Other new entrants to the P&I top 25 list were Pershing Square Capital Management LP, which rose to 22nd place from 27th with assets up 21.8% to $18.5 billion (2014 assets were from the firm's ADV), and Third Point LLC, up 20.3% to $17.8 billion and the 24th spot from the 34th the prior year.
Paulson & Co. Inc. was the only manager on P&I's 2015 top 25 hedge fund manager list to experience a significant decline in assets — 20% to $18.3 billion — that was performance-related. Paulson & Co. dropped to the 23rd place from 17th as a result.
Brevan Howard Asset Management LLP experienced a 25% decline in assets to $27 billion related to the spinout of DW Partners LP in January, moving the firm down to ninth place from third.
BlueCrest Capital Management (UK) LLP had a 70% reduction in assets to $9 billion after spinning out Systematica Investments Ltd. in January, dropping the firm to 57th place from seventh.
Baupost Group LLC was moved out of P&I's traditional ranking, where it ranked eighth based on its ADV assets of $29.9 billion as of Dec. 31, 2013.
Lone Pine Capital LLC moved down to the 38th position after reporting net discretionary assets of $12.9 billion to P&I.
In 2014, Lone Pine occupied the ninth place in P&I's ranking based on the Dec. 31, 2013, regulatory assets of $27.2 billion the firm provided in its SEC ADV filing for that year.
The difference in the size of Lone Pine's regulatory vs. its net discretionary assets is one example of the lack of clarity inherent in trying to compare money managers' assets as reported on the SEC's ADV form.