This the May, 2017 post in my series on biggest hedge funds by regulatory assets under management. 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.
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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).
The May file is no longer available. The button will deliver the current version.
Table of 50 Largest Firms Over $10bn AUM
Note: click column headings to sort. Use drop-down to set number of rows per page.
| groupName | OrgCRD | PrimaryBusinessName | emp2017 | acct2017 | May2017AUM | May2016AUM | RateAUM |
|---|---|---|---|---|---|---|---|
| BALYASNY ASS | 138111 | BALYASNY ASSET MANAGEMENT L.P. | 521 | 24 | 75.1 | 36 | 72.6 |
| ALPHADYNE AS | 154176 | ALPHADYNE ASSET MANAGEMENT LP | 77 | 6 | 84.6 | 42.8 | 68.1 |
| ALPHADYNE AS | 152719 | ALPHADYNE ASSET MANAGEMENT PTE. LTD. | 40 | 6 | 84.6 | 42.8 | 68.1 |
| ELEMENT CAPI | 160309 | ELEMENT CAPITAL MANAGEMENT LLC | 53 | 3 | 55.9 | 29.8 | 61.9 |
| TWO SIGMA IN | 152254 | TWO SIGMA ADVISERS, LP | 86 | 42 | 48.7 | 31.4 | 43.5 |
| 3G CAPITAL P | 156934 | 3G CAPITAL PARTNERS LP | 0 | 7 | 46.3 | 32.3 | 36 |
| CAPULA INVES | 157589 | CAPULA INVESTMENT US LP | 18 | 1 | 45.8 | 32.9 | 33 |
| APOLLO CAPIT | 143158 | APOLLO MANAGEMENT, L.P. | 980 | 308 | 46.2 | 34 | 30.5 |
| RENAISSANCE | 106661 | RENAISSANCE TECHNOLOGIES LLC | 300 | 20 | 97 | 71.8 | 30 |
| NOMURA CORPO | 110814 | NOMURA ASSET MANAGEMENT CO., LTD. | 805 | 1599 | 367.6 | 346.4 | 28.2 |
| MACQUARIE FU | 139345 | MACQUARIE FUNDS MANAGEMENT | 705 | 189 | 54.7 | 51.3 | 24.2 |
| HUDSON AMERI | 160000 | LONE STAR NORTH AMERICA ACQUISITIONS, LLC | 29 | 31 | 48.1 | 39.6 | 20.1 |
| HUDSON AMERI | 156078 | HUDSON AMERICAS L.P. | 523 | 107 | 48.4 | 39.8 | 19.6 |
| ELLIOTT MANA | 156601 | ELLIOTT MANAGEMENT CORPORATION | 390 | 2 | 56 | 46.2 | 19.2 |
| ANNALY MANAG | 168122 | ANNALY MANAGEMENT COMPANY | 136 | 1 | 87.9 | 75.2 | 16.3 |
| EASTSPRING I | 144603 | EASTSPRING INVESTMENTS (SINGAPORE) LIMITED | 368 | 186 | 74.5 | 65.5 | 12.2 |
| BRIDGEWATER | 105129 | BRIDGEWATER ASSOCIATES, LP | 1491 | 132 | 239.3 | 212.3 | 12 |
| FIELD STREET | 155587 | FIELD STREET CAPITAL MANAGEMENT, LLC | 60 | 7 | 63.3 | 56.3 | 11.7 |
| TWO SIGMA IN | 137137 | TWO SIGMA INVESTMENTS, LP | 1075 | 17 | 49.3 | 44.7 | 9.7 |
| CANDRIAM LUX | 173355 | CANDRIAM LUXEMBOURG S.C.A. | 111 | 229 | 47.1 | 42.9 | 9.4 |
| PICTET ASSET | 140074 | PICTET ASSET MANANGEMENT SA. | 420 | 356 | 122.8 | 112.8 | 8.5 |
| ARES MANAGEM | 130074 | ARES MANAGEMENT LLC | 825 | 120 | 58.4 | 53.2 | 8.5 |
| MACKENZIE FI | 110338 | MACKENZIE INVESTMENTS | 946 | 290 | 48.6 | 45.1 | 7.3 |
| BLACKSTONE A | 142979 | BLACKSTONE REAL ESTATE ADVISORS L.P. | 321 | 40 | 60.1 | 56.4 | 6.3 |
| BLACKSTONE A | 107580 | BLACKSTONE ALTERNATIVE ASSET MANAGEMENT LP | 277 | 206 | 62.3 | 58.9 | 5.6 |
| NIKKO ASSET | 110997 | NIKKO ASSET MANAGEMENT CO LTD | 513 | 722 | 120.6 | 114.6 | 5 |
| SAMSUNG ASSE | 158319 | SAMSUNG ASSET MANAGEMENT COMPANY, LTD. | 286 | 661 | 182.2 | 173.5 | 4.9 |
| BLUECREST CA | 148823 | BLUECREST CAPITAL MANAGEMENT LIMITED | 0 | 27 | 62.2 | 59.8 | 4.5 |
| CERBERUS CAP | 152175 | CERBERUS CAPITAL MANAGEMENT, L.P. | 502 | 105 | 48 | 46.2 | 4.2 |
| CITADEL ADVI | 148826 | CITADEL ADVISORS LLC | 1468 | 23 | 152.7 | 149.2 | 2.3 |
| WARBURG PINC | 156945 | WARBURG PINCUS LLC | 558 | 27 | 45.7 | 44.9 | 1.8 |
| MOORE CAPITA | 160188 | MOORE CAPITAL MANAGEMENT, LP | 427 | 10 | 53.8 | 53 | 1.6 |
| APOLLO CAPIT | 143161 | APOLLO CAPITAL MANAGEMENT, L.P. | 980 | 246 | 125 | 123.3 | 1.4 |
| KKR PRISMA | 144533 | KOHLBERG KRAVIS ROBERTS & CO. L.P. | 618 | 90 | 76.9 | 76.2 | 1 |
| KKR PRISMA | 146629 | KKR CREDIT ADVISORS (US) LLC | 192 | 87 | 41.5 | 41.4 | 0.2 |
| MILLENNIUM M | 158117 | MILLENNIUM MANAGEMENT LLC | 2140 | 8 | 207.6 | 207.9 | -0.1 |
| AGNC MANAGEM | 161600 | AGNC MANAGEMENT, LLC | 54 | 1 | 56.9 | 57 | -0.2 |
| TPG CAPITAL | 159732 | TPG GLOBAL ADVISORS, LLC | 592 | 99 | 79.5 | 81 | -1.9 |
| APG ASSET MA | 160795 | APG ASSET MANAGEMENT US, INC | 129 | 9 | 59.3 | 60.6 | -2.2 |
| THE CARLYLE | 159215 | ALPINVEST PARTNERS B.V. | 151 | 107 | 41.2 | 42.3 | -2.7 |
| D. E. SHAW & | 108679 | D. E. SHAW & CO., L.P. | 473 | 37 | 81.3 | 85.1 | -4.6 |
| VIKING GLOBA | 132272 | VIKING GLOBAL INVESTORS LP | 153 | 13 | 43.4 | 45.7 | -5.2 |
| ADAGE CAPITA | 160679 | ADAGE CAPITAL MANAGEMENT, L.P. | 50 | 1 | 42 | 45.4 | -7.6 |
| PINE RIVER C | 133720 | PINE RIVER CAPITAL MANAGEMENT L.P. | 290 | 35 | 82.8 | 90.5 | -8.7 |
| BLACKSTONE A | 136979 | BLACKSTONE MANAGEMENT PARTNERS L.L.C. | 203 | 10 | 57.4 | 63 | -9.2 |
| THE CARLYLE | 111128 | THE CARLYLE GROUP | 949 | 538 | 101.9 | 112 | -9.6 |
| TPG CAPITAL | 159738 | TPG CAPITAL ADVISORS, LLC | 81 | 36 | 51.6 | 58 | -12 |
| OZ MANAGEMEN | 107913 | OZ MANAGEMENT LP | 422 | 115 | 51.7 | 61 | -16.2 |
| FORTRESS INV | 129612 | FORTRESS INVESTMENT GROUP | 1082 | 255 | 56.9 | 74.2 | -26.7 |
| VANGUARD ASS | 282598 | VANGUARD ASSET MANAGEMENT, LIMITED | 197 | 63 | 120.2 | 0 | NA |
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
| groupName | OrgCRD | PrimaryBusinessName | emp2017 | acct2017 | May2017AUM | May2016AUM | RateAUM |
|---|---|---|---|---|---|---|---|
| PLATINUM EQU | 161491 | PLATINUM EQUITY ADVISORS, LLC | 140 | 87 | 13.1 | 5.8 | 81.8 |
| PHARO MANAGE | 141216 | PHARO MANAGEMENT LLC | 27 | 4 | 13.4 | 8 | 50.7 |
| METACAPITAL | 138405 | METACAPITAL MANAGEMENT, L.P. | 18 | 4 | 11.7 | 7.1 | 50.1 |
| LYXOR ASSET | 121552 | LYXOR ASSET MANAGEMENT INC. | 34 | 14 | 11 | 7 | 45.4 |
| DRA ADVISORS | 106311 | DRA ADVISORS LLC | 83 | 14 | 11 | 7.9 | 32.1 |
| VARDE MANAGE | 148949 | VARDE MANAGEMENT, L.P. | 249 | 60 | 13.5 | 10.2 | 28.7 |
| BEACH POINT | 148885 | BEACH POINT CAPITAL MANAGEMENT LP | 78 | 64 | 13 | 9.9 | 28.1 |
| BERKSHIRE PA | 160675 | BERKSHIRE PARTNERS LLC | 102 | 14 | 13.1 | 10 | 26.5 |
| LINDSELL TRA | 158323 | LINDSELL TRAIN LIMITED | 16 | 22 | 11.3 | 8.8 | 24.9 |
| SILVER POINT | 157738 | SILVER POINT CAPITAL, L.P. | 139 | 14 | 12.3 | 9.6 | 24.8 |
| TFG ASSET MA | 156040 | TFG ASSET MANAGEMENT L.P. | 89 | 39 | 11.9 | 9.3 | 24.4 |
| VOYA ALTERNA | 107235 | VOYA ALTERNATIVE ASSET MANAGEMENT LLC | 131 | 30 | 12.3 | 9.9 | 20.5 |
| SUMMIT PARTN | 135271 | SUMMIT PARTNERS, L.P. | 149 | 40 | 12.7 | 10.6 | 16.9 |
| MJX ASSET MA | 148976 | MJX ASSET MANAGEMENT LLC | 38 | 20 | 10.6 | 9.1 | 14.4 |
| PROVIDENCE E | 158672 | BENEFIT STREET PARTNERS L.L.C. | 144 | 26 | 11.8 | 10.3 | 13.4 |
| CROW HOLDING | 156925 | CROW HOLDINGS CAPITAL | 125 | 133 | 11 | 9.8 | 11.8 |
| KLS DIVERSIF | 155837 | KLS DIVERSIFIED ASSET MANAGEMENT LP | 54 | 12 | 10.9 | 9.8 | 11.2 |
| SIGULER GUFF | 106788 | SIGULER GUFF ADVISERS LLC | 103 | 104 | 10.1 | 9 | 11.1 |
| ENERGY CAPIT | 155020 | ENERGY CAPITAL PARTNERS | 54 | 36 | 11.9 | 10.9 | 8.8 |
| BDT CAPITAL | 160914 | BDT CAPITAL PARTNERS | 90 | 19 | 12.6 | 11.6 | 8.2 |
| AMERICAN SEC | 160648 | AMERICAN SECURITIES LLC | 92 | 23 | 13.4 | 12.3 | 8 |
| ALCENTRA LIM | 128557 | ALCENTRA NY, LLC | 73 | 41 | 12 | 11.1 | 7.7 |
| CANDRIAM LUX | 116776 | GOLDPOINT PARTNERS LLC | 49 | 29 | 11.8 | 11 | 6.5 |
| SOROBAN CAPI | 157360 | SOROBAN CAPITAL PARTNERS LP | 30 | 9 | 11.6 | 11 | 5.5 |
| FRANKLIN TEM | 145421 | FRANKLIN TEMPLETON ASSET MANAGEMENT (INDIA) PRIVATE LIMITED | 283 | 39 | 11.5 | 10.9 | 3.8 |
| SENATOR INVE | 160935 | SENATOR INVESTMENT GROUP LP | 32 | 5 | 13.4 | 13.1 | 2.2 |
| NEPHILA CAPI | 132780 | NEPHILA CAPITAL LTD. | 59 | 33 | 11.6 | 11.3 | 2 |
| SCOPIA CAPIT | 124403 | SCOPIA CAPITAL MANAGEMENT LP | 43 | 15 | 11.4 | 11.2 | 1.8 |
| CIFC ASSET M | 159172 | CIFC ASSET MANAGEMENT LLC | 77 | 44 | 12.6 | 12.5 | 1.2 |
| NEW MOUNTAIN | 161394 | NEW MOUNTAIN CAPITAL, LLC | 91 | 7 | 10.7 | 10.7 | 0.4 |
| MERITAGE GRO | 142622 | MERITAGE GROUP LP | 45 | 11 | 12.3 | 12.3 | -0.4 |
| PACIFIC ALTE | 108989 | PACIFIC ALTERNATIVE ASSET MANAGEMENT CO LLC | 152 | 52 | 10.1 | 10.1 | -0.9 |
| CEDAR ROCK C | 123170 | CEDAR ROCK CAPITAL LIMITED | 7 | 11 | 11.5 | 11.7 | -2.1 |
| HORSLEY BRID | 110877 | HORSLEY BRIDGE PARTNERS LLC | 40 | 22 | 11.2 | 11.5 | -2.9 |
| COMMONFUND C | 110657 | COMMONFUND CAPITAL, INC. | 39 | 45 | 10.4 | 10.9 | -3.3 |
| INSIGHT VENT | 142994 | INSIGHT VENTURE PARTNERS | 107 | 30 | 13.1 | 13.7 | -4.2 |
| FIR TREE PAR | 156651 | FIR TREE PARTNERS | 69 | 19 | 13 | 13.9 | -6.4 |
| UBS OCONNOR | 108754 | UBS OCONNOR LLC | 157 | 28 | 12 | 12.9 | -7.2 |
| ALCENTRA LIM | 160617 | ALCENTRA LIMITED | 94 | 55 | 13.3 | 14.5 | -8.4 |
| POLAR CAPITA | 136133 | POLAR CAPITAL | 112 | 29 | 10.9 | 12.8 | -10.2 |
| OXFORD ASSET | 136937 | OXFORD ASSET MANAGEMENT | 76 | 1 | 10.2 | 11.6 | -10.7 |
| WELLINGTON A | 226715 | WELLINGTON ALTERNATIVE INVESTMENTS | 25 | 86 | 12.9 | 14.5 | -11.3 |
| BLUE RIDGE C | 158265 | BLUE RIDGE CAPITAL, L.L.C. | 68 | 4 | 12.4 | 14.2 | -13.8 |
| EMINENCE CAP | 160611 | EMINENCE CAPITAL, LP | 48 | 15 | 10.6 | 12.3 | -14.9 |
| MADISON DEAR | 157349 | MADISON DEARBORN PARTNERS | 59 | 34 | 12.5 | 14.8 | -16.8 |
| ETON PARK CA | 156930 | ETON PARK CAPITAL MANAGEMENT, L.P. | 106 | 8 | 11.3 | 15.1 | -28.5 |
| PAULSON & CO | 127831 | PAULSON & CO.INC. | 120 | 17 | 12.4 | 19.4 | -42 |
| BREGAL INVES | 285006 | BREGAL INVESTMENTS, INC. | 49 | 18 | 12 | 0 | NA |
| COMGEST ASSE | 161061 | COMGEST ASSET MANAGEMENT INTERNATIONAL LIMITED | 30 | 15 | 12.7 | 0 | NA |
| MBK MANAGEME | 162929 | MBK MANAGEMENT, INC. | 21 | 4 | 13.1 | 0 | NA |
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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