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AQR Capital Management almost doubled its hedge fund AuM in 2025, as gains and inflows propelled Cliff Asness’s firm to the summit of the AFI Power List.
The Connecticut quant manager ended 2025 with $109.1bn in hedge fund strategies, representing 58% of its $189bn total, putting it above second-placed Man Group.
Long-time leader Bridgewater Associates meanwhile dropped to fifth on AFI’s latest ranking of managers with $10bn or more in hedge funds. The 69 qualifying firms on the list manage a cumulative $2.1tn, more than 40% of the industry’s overall $5tn.
Two-thirds of the 69 are headquartered in the US, with New York the most represented hedge fund HQ among the largest firms.
Members can access the full ranking here. For a free preview, click below to access a special PDF report download focused on the Top 20 firms
AFI Top 20 $10bn+ power list 2026
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AQR tops growth
The 89% expansion in hedge fund assets achieved by AQR last year, attributed to strong performance and particular success with inflows from wealth management clients, was the highest growth rate on the list.
Balyasny Asset Management, which ended the year on $33bn, saw a 53% increase. Qube Research & Technologies (65%) and D.E. Shaw (41%) also saw strong increases in AuM in a strong year for quant giants.
London-based Qube increased AuM to $38bn and is now a Top 20 hedge fund manager globally, representing a blistering increase from the $11bn it managed three years prior, when it placed fifty-eighth on the list.
D.E. Shaw had another strong year and now manages a $72bn across its multi-strategy range of products, excluding private asset strategies.
Methodology
The AFI Power List has been compiled using a rigorous research process. Data is sourced either directly from firms, industry contacts or public sources, like websites; and estimates have been used in a minority of cases where it was not possible to obtain an exact figure. Figures are as of year-end 2025.
The Power List, which can be accessed by AFI members here, has been enhanced this year with an information pack providing key updates on all 69 leading hedge fund managers. The Hedge Fund Power List 2026 special report provides a 360-degree view of the largest firms, designed as a business development tool for sales teams and competitive intel for managers.
For year-round access to proprietary insights and unique intelligence on the $5trn hedge fund sector, including the multi-strategy giants, sign your firm up to AFI Intelligence. Email the team for a free trial: commercial@alternativefundinsight.com.