London Billion Dollar Funds
London Billion Dollar Funds Decline 15% from Last Year
The survey compilers said the global asset figures marked an "encouraging turnaround" following a traumatic 18-month period during which the industry contracted by more than 30pc.
However, they still leave the global asset total a long way short of the previous all-time high, measured at close to $2.7 trillion during 2007.
The research shows that New York has fared better than London with 118 hedge funds managing more than £1bn compared to 120 last year. New York's hedge funds managed $697bn of assets compared to $237bn in London.
Other American states also have a strong hedge fund presence including Connecticut with 25 billion dollar firms, California with 21 and Massachusetts with 11.
The global hedge fund sector was hit hard during 2008 as a combination of the market turmoil and high levels of gearing resulted in its worst performance for a decade. In addition, a sudden aversion to risk and a need for liquidity led to a scramble by investors to withdraw money, causing some funds to collapse. Source
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