The big funds are getting bigger, with the exception of some leading equity funds which are shrinking
Bruce Kovner's Caxton Associates has emerged as the biggest hedge fund in the world after an impressive period of performance and continued asset inflows. Over the past 12 months, the New York-based firm saw its assets surge by $3 billion taking its total to over $10.5 billion.
Andor Capital Manage-ment, based in Greenwich, moved into second place with assets of $9 billion after taking in $1.5 billion over the past 12 months, a particularly impressive feat given that it was achieved in the teeth of the equity bear market in which many equity specialists have seen assets shrink.
In fact, one of the principal findings from the Absolute Return survey of the Top 100 US Hedge Fund Groups is the scale of the investor flight from the big US equity shops....