Connecticut Hedge Funds Managing over $1B in AssetsFollowing to Preqin data research, Connecticut, the third smallest state by area in the United States, has the third-most hedge funds managing more than $1 billion in assets, trailing only New York and London.
If you add up all the assets managed by members of the so-called "Billion Dollar Club," Connecticut leapfrogs London into second place.
The rankings are part of the "2014 Preqin Global Hedge Fund Report" and are previewed in the company's May "Hedge Fund Spotlight" newsletter.
"New York, London and Connecticut are undoubtedly the centres of the billion-dollar club," concluded Preqin, which has offices in London, New York, Singapore and San Francisco.
Overall, New York has 174 hedge fund managers who oversee more than $1 billion in assets, the report said. London has 80 such managers, while Connecticut has 35, California has 34 and Massachusetts has 29, rounding out the top 5.
Collectively, the 35 managers in Connecticut oversee $400 billion in assets, which is only behind New York's $938 billion. Such managers in London oversee $346 billion, while those in Massachusetts are responsible for $190 billion and those in California for $159 billion, the report stated.Source: Danbury News Times