More than 35% of the largest U.S. hedge
funds lost assets in the first half of the year, making the
industry's 4.34% growth rate the lowest sixth-month gain on
record. Impressive fundraising from some firms buoyed the
total, as beneficiaries from the credit collapse continued to
The Billion Dollar Club, Absolute Return's biannual survey
of U.S. hedge fund assets, now includes 268 firms, each
managing more than $1 billion, with a combined total of $1.675
trillion as of July 1. Despite an increase in the ranks of this
elite group from 246 firms in July 2007, the current cohort
manages only $218 billion more than last year's smaller group,
a 14.9% gain and the lowest 12-month growth rate since 2002. By
comparison, for the 12-month period ending July 2007, Billion
Dollar Club assets increased by 48%.
Paulson & Co. jumped to...