JPMorgan (JPM) Tops Largest Hedge Fund List
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JPMorgan Chase & Co. (NYSE: JPM) held its top spot as the largest hedge-fund institution, according to a recent ranking of the top banks in the industry by Pensions & Investment announced on Monday.
The bank's two hedge fund units, JPMorgan Asset Management and Highbridge Capital Management, combined for the top ranking with $53.5 billion in assets under management at the end of 2009. This represents an 18.9 percent increase from 2007 when the last ranking from the publication was conducted.
The ranking included 11 firms that hit a cut off of $20 billion in managed hedge fund assets, and showed that the composite of the banks compared with the last study stayed relatively flat at $316.2 billion compared to 2007.
The notable changes were in the list of firms that dropped off the list, showing the turmoil that has gripped the industry. Goldman Sachs' (NSYE: GS) Asset Management, Renaissance Technologies Corp. and Citadel Investment Group all fell below the $20 billion cutoff.
Firms that followed JPMorgan on the list included Bridgewater Associates ($43.6 billion), Paulson & Company ($32 billion), Brevan Howard Assets Management ($27 billion), Soros Fund Management ($27 billion) and Man Group ($25.3 billion).
BlackRock Inc. (NYSE: BLK) moved to the ninth position with $21 billion in hedge funds, due in large part to the firm's acquisition last year of Barclays Global Investors Inc, which totaled $20 billion in the 2007 list.
Douglas Shaw, managing director and head of BlackRock proprietary alpha strategies, said that the past two years were a "microcosm of the hedge fund industry as a whole"
The bank's two hedge fund units, JPMorgan Asset Management and Highbridge Capital Management, combined for the top ranking with $53.5 billion in assets under management at the end of 2009. This represents an 18.9 percent increase from 2007 when the last ranking from the publication was conducted.
The ranking included 11 firms that hit a cut off of $20 billion in managed hedge fund assets, and showed that the composite of the banks compared with the last study stayed relatively flat at $316.2 billion compared to 2007.
The notable changes were in the list of firms that dropped off the list, showing the turmoil that has gripped the industry. Goldman Sachs' (NSYE: GS) Asset Management, Renaissance Technologies Corp. and Citadel Investment Group all fell below the $20 billion cutoff.
Firms that followed JPMorgan on the list included Bridgewater Associates ($43.6 billion), Paulson & Company ($32 billion), Brevan Howard Assets Management ($27 billion), Soros Fund Management ($27 billion) and Man Group ($25.3 billion).
BlackRock Inc. (NYSE: BLK) moved to the ninth position with $21 billion in hedge funds, due in large part to the firm's acquisition last year of Barclays Global Investors Inc, which totaled $20 billion in the 2007 list.
Douglas Shaw, managing director and head of BlackRock proprietary alpha strategies, said that the past two years were a "microcosm of the hedge fund industry as a whole"
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