Saturday, 28 March 2015
Last updated 10 hours ago
Apr 13 2012 | 11:16am ET
Leverage is said to be down across the hedge fund industry, but it's still fairly prevalent at the world's biggest firms, according to new data submitted to the Securities and Exchange Commission.
The 50 largest hedge funds reporting to the SEC claimed net assets of $820.8 billion. But the SEC, adding in leverage, puts their "regulatory assets" at more like $1.3 trillion. Another measure also shows big growth that didn't come merely from performance or fundraising: The 50 largest funds registered with the SEC last year, when it was voluntary, have combined assets of $613 billion. This year, the figure is $1.35 trillion.
Those figures aren't exact. For one, the two lists include different firms and the SEC's methods double-count some assets. But the mathematical issues don't always fall on the side of overestimating: Nineteen of the 50 largest firms didn't report net assets, including the biggest, Bridgewater Associates, which reported more than $121 billion in regulatory assets.
Of the 31 that reported both, regulatory assets were more than double net assets.
According to the newest numbers, Citadel Investment Group and Millennium Management are something like nine-times levered, with the former's $12.6 billion in assets ballooning to $115.2 billion, and the latter's $13.5 billion to $119 billion.
Other big firms reported somewhat more modest levels of leverage. D.E. Shaw Group's and SAC Capital Management's regulated assets are about four times as high as their net assets. Renaissance Technologies' assets rise about two-and-a-half fold, while AQR Capital Management's assets balloon by $30 billion to $75.6 billion.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…