There are approximately 15,000 hedge funds worldwide with assets under management of over $3 trillion (excluding fund of funds assets) according to HFR and BarclayHedge as of June 2019. The United States is key player of the hedge fund industry accounting for approximately 70% of hedge fund assets. Over 50% of U.S. hedge funds are located in New York, California and Texas. Jim Simons, the top earning hedge fund manager, made $1.6 billion in 2018. Ray Dalio, founder of Bridgewater Associates, earned approximately $1 billion according to Forbes. Here is a list of the largest and best hedge funds in the world ranked by ranked by discretionary assets under management.
1. Bridgewater Associates
Headquartered in Westport, Connecticut, Bridgewater Associates is the largest hedge fund in the world with over $130 billion in hedge fund assets. The company’s total funds under management amounted to $160 billion as of October 2019. Bridgewater serves global institutional clients including pension funds, university endowments, wealthiest charitable foundations, supranational organizations, sovereign investment funds (or sovereign wealth funds) as well as central banks. The firm was founded in 1975 by Ray Dalio and employs about 1,700 people.
2. Renaissance Technologies
Renaissance Technologies LLC is an American quantitative hedge fund headquartered in New York. The firm was established by James Simons in 1982 and currently run by Peter Brown. Renaissance is the world's most profitable hedge fund providing products and services to pooled investment vehicles, corporations and financial institutions. The company is one of the world's top 10 hedge funds and controls about $68 billion in hedge fund AUM.
James Simons: Co-founder & Board Chair
HQ address: 600 Route 25A, East Setauket, New York 11733, USA
3. Man Group
Man Group is a British hedge fund manager providing alternative and private markets products. The company is the world's biggest publicly-traded hedge fund with alternative strategies AUM of approximately $62 billion as of June 2019. Headquartered in London, it operates offices in New York, Boston, Charlotte, Stamford, Liechtenstein, Switzerland, Hong Kong, Tokyo and Sydney. The Group's market capitalization was US$3.1 billion as of October 2019.
Luke Ellis: Chief Executive Officer (CEO)
HQ address: Riverbank House, 2 Swan Lane, London, EC4R 3AD, UK
4. AQR Capital Management
AQR Capital Management, LLC is the world's fourth biggest hedge fund with about 61 billion in hedge fund assets. The company’s total asset under management reached US$185 billion as of September 30, 2019. AQR was named "Hedge Fund Trading Desk of the Year" by Markets Media in 2018. The company is a global quantitative investment manager founded in 1998 by Cliff Asness, David Kabiller, Robert Krail and John Liew. Today it employs around 1,000 people and operates offices in Greenwich, Los Angeles, Boston, Chicago, London, Sydney, Hong Kong and Tokyo. In April 2018, AQR launched its first fixed-income mutual fund in the United States. In 2019, it established new office in Frankfurt, Germany.
Cliff Asness: Managing & Founding Principal
HQ address: Two Greenwich Plaza, 3rd Floor, Greenwich, CT 06830
5. Two Sigma Investments
With 1,500 employees, Two Sigma Investments is an American hedge fund offering the scientific methods to investment management. It is one of the largest quantitative hedge funds with $43 billion in assets under management. The company was established in 2001 by John Overdeck, David Siegel and Mark Pickard. Two Sigma is headquartered in New York with additional offices in the UK, Hong Kong and Japan.
Co-Chairman: David Siegel, John Overdeck
HQ address: 100 Avenue of the Americas, 16th Floor, New York, NY 10013
6. Millennium Management
Millennium Management LLC, established in 1989, is a global hedge fund firm offering discretionary investment advisory services to private funds. With over 2,700 employees, the company is based in New York with offices in Greenwich, Geneva, London, Singapore, Hong Kong and Tokyo. Millennium has assets under management of approximately $39 billion as at August 2019.
Israel Englander: Chairman and Chief Executive Officer (CEO)
HQ address: Fifth Avenue, New York, NY, 10103, United States
7. Elliott Management
Elliott Management Corporation is an American privately owned hedge fund founded by billionaire Paul Singer in 1977. The company invests in distressed securities, public equity, fixed income, real estate related securities and alternative investment markets. With 465 employees, Elliott Management is a leading multi-strategy private investment firm and the world's largest and most successful activist hedge fund with $38 billion in assets under management as of June 2019. The firm is headquartered in New York with additional offices in London, UK, Hong Kong, and Tokyo. In June 2019, Elliott announced it would acquire bookseller Barnes & Noble Inc (NYSE: BKS), the largest US retail bookstore chain with more than 630 retail book stores in 50 states. In 2018, Elliott acquired the UK’s biggest bookseller Waterstones which has about 300 bookshops.
Paul Singer: Founder, President, Co-CEO, and Co-CIO
Jonathan Pollock: Partner, Co-CEO, Co-CIO and Chief Trading Officer
HQ address: 40 West 57th Street, New York, NY 10019, USA
Hedge Fund AUM: $32.9 billion
Citadel is one of the most respected hedge funds in the world with $32 billion in investment capital as of September 1, 2019. The firm's investment strategies include equities, commodities, fixed income, credit, and quantitative analysis. Headquartered in Chicago, the company was founded in 1990 by billionaire Kenneth Griffin. Today it employs over 1,600 people and has offices in Boston, New York, San Francisco, Houston, Toronto, Greenwich, Dallas, Hong Kong, Shenzhen, Shanghai and London. Citadel was named Hedge Fund of the Year (GlobalCapital Americas Derivatives Awards 2019) and Institutional Hedge Fund Manager of the Year (Institutional Investor Awards 2019).
Kenneth Griffin: Founder & Chief Executive Officer (CEO)
Gerald Beeson: Chief Operating Officer (COO)
Shawn Fagan: Chief Legal Officer
Headquarters: Citadel Center, 131 South Dearborn Street, Chicago, Illinois
10. Davidson Kempner Capital
Davidson Kempner Capital Management LP is a global asset management firm with about $31 billion in AUM and 350 employees as of June 2019. The company specializes in the following strategies: merger arbitrage, convertible arbitrage, bankruptcy, restructuring situations, distressed investments and event driven equities. The firm was founded in 1983 by Marvin Davidson and today operates offices in New York, London, Hong Kong and Dublin.
Thomas Kempner: Co-Executive Managing Member
Anthony Yoseloff: Co-Executive Managing Member
HQ address: 520 Madison Avenue, 30th Floor, New York, NY 10022
Tel: 212 446 4000