JPMorgan has unseated Goldman Sachs as the world’s largest manager of hedge fund assets, with $34bn under management, according to a new survey.
The poll conducted by Absolute Return magazine, an industry publication, said JPMorgan’s hedge fund assets grew almost 75 per cent to hit $34bn last year, largely as a result of its purchase of Highbridge Capital Management in 2005.
As money continued to flow into alternative investments last year, combined assets at the largest US hedge funds climbed above the $1,000bn mark.
The top three firms each exceeded $30bn in assets for the first time, with JPMorgan Asset Management surpassing Goldman Sachs Asset Management at the top of the table. Total US assets are estimated at $1,200bn.
