Investment returns may be moderating, but hedge funds keep piling up assets. The firms that make up the 2005 Hedge Fund 100 (as originally published in Institutional Investors Alpha), our fourth annual ranking of the world's largest hedge fund management firms by assets, saw a 29 percent gain in assets under management - to $568 billion in single-manager hedge funds as of December 31, 2004, up from the $439 billion managed by the firms on last year's list. That's almost identical to the asset growth posted by last year's Hedge Fund 100 firms in 2003. Capturing first place in the 2005 Hedge Fund 100 is San Francisco-based Farallon Capital Management, with $12.5 billion in assets under management. Farallon rises from fourth last year to dislodge Caxton Associates of New York, which held the top spot in the 2004 and 2003 rankings and slips to tie New York-based D.E. Shaw Group for No. 7, with $10.8 billion in assets. Caxton returned about $2 billion of its single-manager hedge fund assets to its investors at the beginning of 2004.
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