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...
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