- AFI is the gateway to hedge fund and multi-strategy intelligence. Annual subscribers can access all analysis, data and research.
- View rankings of prime brokers, custodians, fund administrators and auditors.
The AFI 500 launches this week, a new subscriber feature providing a 360-degree view of the global hedge fund industry. The comprehensive research ranks the top 500 hedge fund managers by size, strategy and region. The research also includes service provider rankings.
The full ranking and research, available exclusively to AFI Intelligence subscribers, is based on a combination of proprietary industry analysis and publicly available information from a range of sources, including regulatory filings and the Institute for Private Capital.
The research covers the largest (typically $1bn+) group of top hedge fund managers. Click here for the full AFI 500 – and see below for a preview of each section.
Top 10 firms
New York-based Millennium, the world’s leading multi-strategy manager, tops the AFI 500 research, which ranks by gross hedge fund AuM disclosed to the US regulator. The full $505bn figure is therefore significantly higher than firm-wide assets in absolute terms ($72.3bn at the end of 2024). The inclusion of leverage in regulatory disclosures is the main reason.
The data which forms the basis for this research was scoured in January 2025 and will be updated in the next version after the next set of filings have been made. Click here to see the full 500.
Strategy
Long/short equity is the most represented flagship strategy among the AFI 500, with 111 firms (a further 56 are long-only or deep value equities). Credit is next on 96.
Can’t view this interactive table? Click here for image
Location
The US is home to the headquarters of 327 AFI 500 firms, followed by the UK on 92 and Hong Kong on 27.
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More than half of the US firms are headquartered in the state of New York. Globally, London is the second-biggest hub, home to the HQs of 91 of the AFI 500.
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Top 3 prime brokers
Goldman Sachs leads the prime broker rankings, followed by major US rivals Morgan Stanley and J.P. Morgan. Click here for the full prime broker ranking.
Top 3 custodians
Goldman Sachs also leads the custodian ranking. Click here for the full custodian ranking.
Top 3 fund administrators
Citco is the leading hedge fund administrator to the AFI 500, with more than 100 clients on the list, followed by Morgan Stanley and SS&C. Click here for the full fund admin ranking.
Top fund auditor
EY is the top fund auditor to the AFI 500, ahead of rivals PwC and KPMG. Click here for the full auditor ranking.
