Assets of the top 10 hedge fund companies in the U.S. grew by more than a third in 2007, despite a combined loss of $24 billion, due to redemptions and faltering performance, the Financial Times writes.
JPMorgans Asset Management and Highbridge Capital Management remained on top with $44.7 billion assets under management, though the funds lost $8.5 billion over the course of the year, according to a survey by Absolute Return magazine.
Goldman Sachs problems at its flagship alpha fund and two quant equity funds weighed heavily, dropping Goldman Sachs Asset Management from second place to seventh. The fund lost 27% of its assets in the second quarter and ended the year with $29.2 billion.
Paulson and Company had the biggest growth last year, surging 306% to $29 billion after an early and dead-on bet against the U.S. sub-prime mortgage sector.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.