New York’s not only got the Yankees and the Empire State Building — it’s also home to the hedge fund industry’s $1 Billion Club.
In all, 505 of the 4,621 active hedge fund managers worldwide boast $1 billion or more in assets under management. And New York has 174 of these funds, representing a combined management total of nearly $1 trillion, reports Preqin, a London-based research firm that tracks the industry.
London is home to the second-highest number of $1 billion-plus managers, with 80.
Connecticut ranks third, with 80 of the giant funds. But the Nutmeg State holds second place in terms of capital managed by firms with a combined total of $400 billion in assets under management, Preqin says.