Whisper it quietly: It's been a long time coming, but the
hedge fund industry has now truly arrived as a major feature of
the global financial market.
Based on an analysis of the various databases maintained by
HedgeFund Intelligence, it is now clear that the assets of the
hedge fund industry globally have crossed the landmark level of
First of all, I ought to explain how we arrive at this
staggering sum. Take the Absolute Return Billion Dollar Club,
which measures only those firms in the United States running
hedge fund assets of more than $1 billion. As revealed in last
month's issue, that list - based on independently verified
numbers and including very few estimates - now weighs in at
about $850 billion, still well over half the global total.
And that's before you start taking account of the thousands
of smaller firms in the United States that...