Millennium and Citadel, which both returned about 15% in their flagships last year, lead a ten-strong group on the Multi-Strategy Power List of firms dominating the in-demand sector.
AFI’s new updated list ranks the biggest firms managing $10bn+ in multi-strategy at the start of 2025. A tenth firm, New York-based Verition Fund Management, joined the group after crossing the threshold last year.
Inflows into multi-strategy hedge funds moderated last year, but there was still an expansion driven by strong performance. The typical multi-strategy fund gained 11.2%, according to PivotalPath, and performance was even better for the largest firms.
Several of the top ten are at capacity and returning profits, with the next generation of multi-strats hoping to benefit.
Millennium and Citadel remain the two dominant firms atop the ranking. Millennium had an active 12 months, with a $10bn fund-raise (and demand more than double that level), as well as news emerging of a potential deal with BlackRock which could herald a new phase of growth for the firm as it eyes the $100bn threshold.
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