New York manages by far the most hedge fund assets compared with other cities in the world, with London in a distant second place, according to research from TheCityUK.
In a report on the global hedge fund industry, TheCityUK states that 41 per cent of hedge fund assets were managed out of New York during 2010, compared with 19 per cent in London.
If you look only at larger hedge funds – those with more than $1 bn under management – the gap is even bigger, with New York looking after 45 per cent of assets and London only 14 per cent.
‘The US is by far the leading location for management of hedge fund assets, with more than two thirds of the total,’ the report states.
TheCityUK is an independent body, which was formed to promote the UK financial services industry.