Biggest Hedge Funds By Assets Under Management May 2017

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This the May, 2017 post on hedge fund regulatory assets under management. It forms part of a series of posts. Similar to the March edition, I have added in the $bn AUM figures from a year ago for comparison. By contrast with that post I have used different criteria to select the set of registered investment advisor firms to include.

This analysis is based on the 252 registered investment advisor firms that are:

  • At least $10bn discretionary regulatory assets under management
  • At least 75% by number of clients are pooled investment vehicles other than investment companies, or
  • At least 75% by regulatory assets under management are pooled investment vehicles other than investment companies

These criteria capture most, but not all, of the famous hedge funds, but also scoop up some firms you might not think of as hedge funds at all.

I then present two tables, the first containing the largest 50 firms, the second containing the smallest 50 firms. Both tables are sorted in descending order of apparent rate of change of discretionary regulatory assets under management.

Observations

Of note in the first table below, we see the five managers whose regulatory AUM decreased at the fastest annualized percentage rate:

  • Fortress
  • OZ Management
  • TPG Capital
  • Carlyle
  • Blackstone Management Partners

And the five managers whose regulatory AUM increased at the fastest annualized percentage rate:

  • Balyasny
  • Alphadyne
  • Element
  • Two Sigma
  • 3G Capital

Note this may not mean they have gathered AUM or suffered redemptions, it may be that they have adjusted their leverage by a significant amount, or have undergone a corporate restructuring.

Overall the change in total AUM across all 252 firms was about -8%, but the average rate of change was about +12%. This would imply that the smaller firms (as if $10bn AUM were small) are increasing their portfolio sizes while the larger ones are reducing theirs. This seems to contradict the narrative of the popular media.

Contact me to discuss customized reports and analysis.

And the world’s biggest hedge funds by regulatory assets under management are …

If you are interested in the complete data file, which includes 223 firms, use the adjacent “Request File” button. If you want the file delivered to an email address let me know via our contact form (opens in a new tab).

Table of 50 Largest Firms Over $10bn AUM

Note: click column headings to sort. Use drop-down to set number of rows per page.

groupNameOrgCRDPrimaryBusinessNameemp2017acct2017May2017AUMMay2016AUMRateAUM
BALYASNY ASS138111BALYASNY ASSET MANAGEMENT L.P.5212475.13672.6
ALPHADYNE AS154176ALPHADYNE ASSET MANAGEMENT LP77684.642.868.1
ALPHADYNE AS152719ALPHADYNE ASSET MANAGEMENT PTE. LTD.40684.642.868.1
ELEMENT CAPI160309ELEMENT CAPITAL MANAGEMENT LLC53355.929.861.9
TWO SIGMA IN152254TWO SIGMA ADVISERS, LP864248.731.443.5
3G CAPITAL P1569343G CAPITAL PARTNERS LP0746.332.336
CAPULA INVES157589CAPULA INVESTMENT US LP18145.832.933
APOLLO CAPIT143158APOLLO MANAGEMENT, L.P.98030846.23430.5
RENAISSANCE106661RENAISSANCE TECHNOLOGIES LLC300209771.830
NOMURA CORPO110814NOMURA ASSET MANAGEMENT CO., LTD.8051599367.6346.428.2
MACQUARIE FU139345MACQUARIE FUNDS MANAGEMENT70518954.751.324.2
HUDSON AMERI160000LONE STAR NORTH AMERICA ACQUISITIONS, LLC293148.139.620.1
HUDSON AMERI156078HUDSON AMERICAS L.P.52310748.439.819.6
ELLIOTT MANA156601ELLIOTT MANAGEMENT CORPORATION39025646.219.2
ANNALY MANAG168122ANNALY MANAGEMENT COMPANY136187.975.216.3
EASTSPRING I144603EASTSPRING INVESTMENTS (SINGAPORE) LIMITED36818674.565.512.2
BRIDGEWATER105129BRIDGEWATER ASSOCIATES, LP1491132239.3212.312
FIELD STREET155587FIELD STREET CAPITAL MANAGEMENT, LLC60763.356.311.7
TWO SIGMA IN137137TWO SIGMA INVESTMENTS, LP10751749.344.79.7
CANDRIAM LUX173355CANDRIAM LUXEMBOURG S.C.A.11122947.142.99.4
PICTET ASSET140074PICTET ASSET MANANGEMENT SA.420356122.8112.88.5
ARES MANAGEM130074ARES MANAGEMENT LLC82512058.453.28.5
MACKENZIE FI110338MACKENZIE INVESTMENTS94629048.645.17.3
BLACKSTONE A142979BLACKSTONE REAL ESTATE ADVISORS L.P.3214060.156.46.3
BLACKSTONE A107580BLACKSTONE ALTERNATIVE ASSET MANAGEMENT LP27720662.358.95.6
NIKKO ASSET110997NIKKO ASSET MANAGEMENT CO LTD513722120.6114.65
SAMSUNG ASSE158319SAMSUNG ASSET MANAGEMENT COMPANY, LTD.286661182.2173.54.9
BLUECREST CA148823BLUECREST CAPITAL MANAGEMENT LIMITED02762.259.84.5
CERBERUS CAP152175CERBERUS CAPITAL MANAGEMENT, L.P.5021054846.24.2
CITADEL ADVI148826CITADEL ADVISORS LLC146823152.7149.22.3
WARBURG PINC156945WARBURG PINCUS LLC5582745.744.91.8
MOORE CAPITA160188MOORE CAPITAL MANAGEMENT, LP4271053.8531.6
APOLLO CAPIT143161APOLLO CAPITAL MANAGEMENT, L.P.980246125123.31.4
KKR PRISMA144533KOHLBERG KRAVIS ROBERTS & CO. L.P.6189076.976.21
KKR PRISMA146629KKR CREDIT ADVISORS (US) LLC1928741.541.40.2
MILLENNIUM M158117MILLENNIUM MANAGEMENT LLC21408207.6207.9-0.1
AGNC MANAGEM161600AGNC MANAGEMENT, LLC54156.957-0.2
TPG CAPITAL159732TPG GLOBAL ADVISORS, LLC5929979.581-1.9
APG ASSET MA160795APG ASSET MANAGEMENT US, INC129959.360.6-2.2
THE CARLYLE159215ALPINVEST PARTNERS B.V.15110741.242.3-2.7
D. E. SHAW &108679D. E. SHAW & CO., L.P.4733781.385.1-4.6
VIKING GLOBA132272VIKING GLOBAL INVESTORS LP1531343.445.7-5.2
ADAGE CAPITA160679ADAGE CAPITAL MANAGEMENT, L.P.5014245.4-7.6
PINE RIVER C133720PINE RIVER CAPITAL MANAGEMENT L.P.2903582.890.5-8.7
BLACKSTONE A136979BLACKSTONE MANAGEMENT PARTNERS L.L.C.2031057.463-9.2
THE CARLYLE111128THE CARLYLE GROUP949538101.9112-9.6
TPG CAPITAL159738TPG CAPITAL ADVISORS, LLC813651.658-12
OZ MANAGEMEN107913OZ MANAGEMENT LP42211551.761-16.2
FORTRESS INV129612FORTRESS INVESTMENT GROUP108225556.974.2-26.7
VANGUARD ASS282598VANGUARD ASSET MANAGEMENT, LIMITED19763120.20NA
groupName: Short name to group affiliates
OrgCRD: Firm's CRD number
PrimaryBusinessName: Firm's name
emp2017: Number of non-clerical employees in ADV filed prior to May 2017
acct2017: Total accounts in ADV filed prior to May 2017
May2017AUM: Discretionary regulatory assets under management ($bn) in latest ADV
May2016AUM: Discretionary regulatory assets under management ($bn) in last year's ADV
RateAUM: Continuously compounded annual rate of change in AUM

Table of 50 Smallest Firms Over $10bn AUM

groupNameOrgCRDPrimaryBusinessNameemp2017acct2017May2017AUMMay2016AUMRateAUM
PLATINUM EQU161491PLATINUM EQUITY ADVISORS, LLC1408713.15.881.8
PHARO MANAGE141216PHARO MANAGEMENT LLC27413.4850.7
METACAPITAL138405METACAPITAL MANAGEMENT, L.P.18411.77.150.1
LYXOR ASSET121552LYXOR ASSET MANAGEMENT INC.341411745.4
DRA ADVISORS106311DRA ADVISORS LLC8314117.932.1
VARDE MANAGE148949VARDE MANAGEMENT, L.P.2496013.510.228.7
BEACH POINT148885BEACH POINT CAPITAL MANAGEMENT LP7864139.928.1
BERKSHIRE PA160675BERKSHIRE PARTNERS LLC1021413.11026.5
LINDSELL TRA158323LINDSELL TRAIN LIMITED162211.38.824.9
SILVER POINT157738SILVER POINT CAPITAL, L.P.1391412.39.624.8
TFG ASSET MA156040TFG ASSET MANAGEMENT L.P.893911.99.324.4
VOYA ALTERNA107235VOYA ALTERNATIVE ASSET MANAGEMENT LLC1313012.39.920.5
SUMMIT PARTN135271SUMMIT PARTNERS, L.P.1494012.710.616.9
MJX ASSET MA148976MJX ASSET MANAGEMENT LLC382010.69.114.4
PROVIDENCE E158672BENEFIT STREET PARTNERS L.L.C.1442611.810.313.4
CROW HOLDING156925CROW HOLDINGS CAPITAL125133119.811.8
KLS DIVERSIF155837KLS DIVERSIFIED ASSET MANAGEMENT LP541210.99.811.2
SIGULER GUFF106788SIGULER GUFF ADVISERS LLC10310410.1911.1
ENERGY CAPIT155020ENERGY CAPITAL PARTNERS543611.910.98.8
BDT CAPITAL160914BDT CAPITAL PARTNERS901912.611.68.2
AMERICAN SEC160648AMERICAN SECURITIES LLC922313.412.38
ALCENTRA LIM128557ALCENTRA NY, LLC73411211.17.7
CANDRIAM LUX116776GOLDPOINT PARTNERS LLC492911.8116.5
SOROBAN CAPI157360SOROBAN CAPITAL PARTNERS LP30911.6115.5
FRANKLIN TEM145421FRANKLIN TEMPLETON ASSET MANAGEMENT (INDIA) PRIVATE LIMITED2833911.510.93.8
SENATOR INVE160935SENATOR INVESTMENT GROUP LP32513.413.12.2
NEPHILA CAPI132780NEPHILA CAPITAL LTD.593311.611.32
SCOPIA CAPIT124403SCOPIA CAPITAL MANAGEMENT LP431511.411.21.8
CIFC ASSET M159172CIFC ASSET MANAGEMENT LLC774412.612.51.2
NEW MOUNTAIN161394NEW MOUNTAIN CAPITAL, LLC91710.710.70.4
MERITAGE GRO142622MERITAGE GROUP LP451112.312.3-0.4
PACIFIC ALTE108989PACIFIC ALTERNATIVE ASSET MANAGEMENT CO LLC1525210.110.1-0.9
CEDAR ROCK C123170CEDAR ROCK CAPITAL LIMITED71111.511.7-2.1
HORSLEY BRID110877HORSLEY BRIDGE PARTNERS LLC402211.211.5-2.9
COMMONFUND C110657COMMONFUND CAPITAL, INC.394510.410.9-3.3
INSIGHT VENT142994INSIGHT VENTURE PARTNERS1073013.113.7-4.2
FIR TREE PAR156651FIR TREE PARTNERS69191313.9-6.4
UBS OCONNOR108754UBS OCONNOR LLC157281212.9-7.2
ALCENTRA LIM160617ALCENTRA LIMITED945513.314.5-8.4
POLAR CAPITA136133POLAR CAPITAL1122910.912.8-10.2
OXFORD ASSET136937OXFORD ASSET MANAGEMENT76110.211.6-10.7
WELLINGTON A226715WELLINGTON ALTERNATIVE INVESTMENTS258612.914.5-11.3
BLUE RIDGE C158265BLUE RIDGE CAPITAL, L.L.C.68412.414.2-13.8
EMINENCE CAP160611EMINENCE CAPITAL, LP481510.612.3-14.9
MADISON DEAR157349MADISON DEARBORN PARTNERS593412.514.8-16.8
ETON PARK CA156930ETON PARK CAPITAL MANAGEMENT, L.P.106811.315.1-28.5
PAULSON & CO127831PAULSON & CO.INC.1201712.419.4-42
BREGAL INVES285006BREGAL INVESTMENTS, INC.4918120NA
COMGEST ASSE161061COMGEST ASSET MANAGEMENT INTERNATIONAL LIMITED301512.70NA
MBK MANAGEME162929MBK MANAGEMENT, INC.21413.10NA
groupName: Short name to group affiliates
OrgCRD: Firm's CRD number
PrimaryBusinessName: Firm's name
emp2017: Number of non-clerical employees in ADV filed prior to May 2017
acct2017: Total accounts in ADV filed prior to May 2017
May2017AUM: Discretionary regulatory assets under management ($bn) in latest ADV
May2016AUM: Discretionary regulatory assets under management ($bn) in last year's ADV
RateAUM: Continuously compounded annual rate of change in AUM

Contact me to discuss customized reports and analysis.

Companion Post: Mining for Gold

I have published a companion post on the Form ADV and the information it provides for competitive analysis and benchmarking (Hedge Fund Competitor Intelligence: Mining for Gold in Form ADV). I also plan some posts focusing on specific areas of the ADV with some examples.

Check out your own firm’s Form ADV at the SEC’s Investment Advisor Public Depository website – you may be surprised at how much information is in there.

Image Source: Royalty-free image from IM Creator by Mike Baird

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