- The full $10bn+ ranking and analysis covering global hedge fund firms is available to AFI annual members.
- For complete access, including the AFI 500, Multi-Strategy Intelligence and service provider rankings, select AFI Intelligence. Contact to check if your firm already has, or could be eligible for, discounted multi-user access.
Sixty-six firms managed at least $10bn in hedge fund assets at the end of 2024, with $1.77trn in AuM between them.
AFI’s third Power List ranking and analysis highlighted an active year for the sector’s elite cohort, which delivered strong performance and now manages 39% of the $4.5trn industry’s assets.
Click here for the full ranking
The US was home to 48 of the managers, followed by the UK and Channel Isles with 15 (Brazil, Sweden and Asia were home to the remaining three).
Of the total, $1.31trn of hedge fund assets were managed by firms based in the US, representing 74% of assets held by top managers.
The UK is the main hub for the global hedge fund industry outside of the US, with 15 $10-plus firms headquartered in Britain (plus Jersey) managing $412bn in hedge fund assets — 23% of the total.
The list has been compiled by AFI using a rigorous process. A firm-wide assets number has only been used if a firm exclusively manages hedge funds.
Top 10 firms
Bridgewater Associates maintains its long-held position as the globe’s largest hedge fund manager but assets dropped to below $100bn in 2024 for the first time in years.
It was an active 12 months for the Connecticut-based firm, founded by Ray Dalio in 1975, which marks five decades in business this year.
Its flagship Pure Alpha 18% volatility fund delivered a double-digit return and its Shanghai-based private fund business had a particularly strong year, boosting its regional AuM to $7.5bn. But client withdrawals contributed to an overall decline in AuM.
Karen Karniol-Tambour, Bob Prince and Greg Jensen serve as co-CIOs following Dalio’s retirement in 2022. The firm’s long-running “All Weather” strategy is now being launched in an ETF format in partnership with State Street Global Advisors.
Man Group is second on the list with $87.7bn in hedge fund assets. The London firm doubled revenue from performance fees in 2024, but AuM growth was limited due to mixed allocator flows.
Robyn Grew, in her first full-year results statement as CEO, heralded the opportunity set facing active managers: “The risk of persistent inflation and the implications of new US leadership dynamics will drive market volatility, creating an attractive environment for active investment management.”
Three of the Top 10 are multi-strategy specialists: Millennium, Citadel and D.E. Shaw. The latter two returned some of their profits after blockbuster performance in 2024, while Millennium has built in more capacity with a $10bn fundraise last year.
The top ten is rounded out by Paul Singer’s activist firm, Elliott Management, two quant firms, Two Sigma and AQR Capital Management, London equities shop TCI Fund Management and New York funds giant BlackRock.
Global view
Four of the top ten are based in New York, two in Connecticut, two in London and the remaining two, Citadel and Elliott, headquartered in Florida, reflecting the sunshine state’s position as a leading hedge fund hub.
New York is home to 26 HQs of the hedge fund elite, followed by London on 13.
Marshall Wace recently became the fifth AFI Power List hedge fund firm to open an office in Abu Dhabi, as the U.A.E hub continues to attract leading industry talent.
It joins Winton, TCI Fund Management, Brevan Howard Asset Management and JP Morgan in ADGM. Brevan Howard has more than 100 staff in Abu Dhabi, meaning it is now its biggest trading hub.
Dubai leads with Power List firms, home to 16 offices of the $10bn+ cohort. Multi-strategy giants have led the migration to Dubai, with almost all of the ten top firms having an office in DIFC.
Click here for the full ranking
Discover AFI’s full range of research and analysis covering the global hedge fund and multi-strategy sector, including:
- The AFI 500, providing strategy, location and service provider intelligence, plus a ranking by gross assets.
- Power25 allocator research, as featured in the Financial Times, providing intelligence on the most active and influential investors into the space.
- Quarterly launch market reports. Visit the data section for rolling updates on launches and people moves.