BUSINESS
03/28/2008 02:46 am ET | Updated May 25, 2011

Big Hedge Funds, Led By JP Morgan, Grow By 30 Percent

Assets at the largest US hedge funds grew by more than a third last year, even though three of the 10 largest funds lost a combined $24bn in assets through a mixture of faltering performance and investor redemptions.

JPMorgan, including JPMorgan Asset Management and Highbridge Capital Management, retained its position as the largest US hedge fund manager, with $44.7bn under management at year end, even though it lost $8.5bn in assets over the course of the year, according to the biannual survey by Absolute Return magazine, an industry publication.

The losses at JPMorgan are thought to be attributable to redemptions combined with losses from a statistical arbitrage fund during the turmoil of last summer.

This levered statistical arbitrage fund is since said to have turned round its performance and is up more than 7 per cent this year.

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