Bridgewater named biggest US hedge fund manager

Connecticut-based Bridgewater Associates has topped a new poll to find the United States' biggest hedge fund manager, overtaking JP Morgan Chase. 

The rankings, compiled by Absolute Return magazine, puts the firm's assets under management at $38.6 billion as of January 1st. This represents an 11 percent decline since July of last year, but it was still enough to beat the Wall Street veteran. 

JP Morgan came second with $32.9 billion under management, down 26 per cent in the six months to the end of 2008. 

New York's Paulson & Co climbed one place to third with $29 billion in assets under management, swapping places with DE Shaw Group, which clocked up investments worth $28.6 billion. 

Overall, the Absolute Return survey found that the number of US hedge fund managers controlling $1 billion or more had declined by 19 percent to 218 firms. 

New York was found to be the heartland of America's hedge fund industry, with 121 fund managers - including seven of the top ten firms - calling the Empire State home. Connecticut was second with 29, followed by California.