Saturday, 24 September 2016
Last updated 1 day ago
Oct 13 2010 | 1:18pm ET
They're not quite challenging New York for the title of world hedge fund capital, but a quartet of cities thousands of miles from the Big Apple are starting to stake their claims.
The number of billion-dollar hedge funds has grown by 50% in Hong Kong and Singapore, from 10 to 15, according to Hedge Fund Intelligence. Brazil, too, is an increasingly hot hedge fund center, with São Paulo and Rio de Janeiro now counting five hedge fund managing more than US$1 billion, up from just one at the beginning of the year.
New York remains the unquestioned giant of the hedge fund world, with 124 billion-dollar managers and 46% of all billion-dollar hedge fund assets. Still, that’s down from 47% last year.
Meanwhile, despite the threatened exodus from London to flee higher taxes and tougher regulation, London's share of the billion-dollar club has actually grown to 15.5% from 14.8%.