New York Still World's Hedge Fund Capital, London Distant Second

Apr 29 2011 | 1:06pm ET

New York remains the place to be for hedge funds, according to a new report.

The Big Apple is home to firms managing a whopping 41% of all global hedge fund assets, according to TheCityUK, which seeks to promote the U.K. financial services industry. The report also shows that the City referred to in the name TheCityUK, London, still has a lot of catching up to do, with just 19% of the world's hedge fund assets.

And the bigger hedge funds get, the better the Big Apple looks: Hedge fund firms managing more than $1 billion are even more likely to call New York home, with the city housing some 45% of assets under management at such firms. London, by contrast, can boast of only 14%.

"The U.S. is by far the leading location for management of hedge fund assets, with more than two-thirds of the total," TheCityUK said.

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