The American hedge fund industry has now exceeded its
pre-crisis peak assets. The Absolute Return Billion Dollar
Club, which measures the assets of firms managing $1 billion or
more, increased by $250 billion in 2013. That is the greatest
annual increase since 2007 when the Club grew by $407
In our bi-annual ranking, 293 firms managed a combined total
of $1.71 trillion as of the start of the year. The Club has now
overtaken its all-time-high of $1.68 trillion which it reached
at midyear 2008. Assets swelled 9% in the second half of 2013,
and 17.16% for the full year.
The top 50 firms grew at a slightly faster rate than the
Club as a whole, with their collective assets up 17.44% in
2013. About 73% of Billion Dollar Club firms have increased
assets under management this year.
''We debate internally on whether managers can...