Billion Dollar Club (2009 July): An industry in a painful transition

Tue Sep 1, 2009

Assets continue to fall, though pace slackens markedly.

The 205 largest U.S. hedge fund firms lose $50 billion, or 4.4%, in first half to total $1.084 trillion. the top four firms remain the same: Bridgewater, JPMorgan, Paulson & Co. and D.E. Shaw.

There are quite a few free chairs in the Club these days. In the warm summer days just a year ago, Absolute Return counted 268 American firms with $1 billion or more in hedge fund assets. Now, the Absolute Return Billion Dollar Club numbers 205 firms, slightly below its membership level in January 2006. These Goliaths also have a lot less money to throw around. While $1.084 trillion is still a sizable sum, it's $50 billion less than what club members managed in January and $591 billion less than they had a year ago. At the peak, in July 2008, the Billion Dollar Club had $1.675 trillion in assets.

While assets are down about 35% from...

ISSN: 2151-1845 / CDC10004H

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