Executive summary
Key trends:
- Multi-strategy overtakes equity. For the first time, multi-strategy hedge funds added more assets than equity funds.
- Quant funds lead growth. Quant specialists like AQR, DE Shaw, Two Sigma, and Qube were among the top asset gainers.
- Europe and Asia lead growth. New York and London remained the dominant, but managers in the Asia-Pacific and Europe showed the fastest percentage growth in assets.
Global Billion Dollar Club Top 20 ranking H1 2025
| Rank | Firm | City/State | Country | Region | Strategy | Jun-25 AuM ($bn) | Dec-24 AuM ($bn) | Change ($bn) |
|---|---|---|---|---|---|---|---|---|
|
1 |
Bridgewater Associates |
CT |
US |
North America |
Macro |
78 |
73 |
5 |
|
2 |
AQR Capital Management |
CT |
US |
North America |
Quant |
77.6 |
57.7 |
19.9 |
|
3 |
Millennium Management |
NY |
US |
North America |
Multi-strategy |
77.5 |
72.4 |
5.1 |
|
4 |
Elliott Management |
FL |
US |
North America |
Event-driven |
76.1 |
72.7 |
3.4 |
|
5 |
TCI Fund Management |
London |
UK
|
Europe
|
Event-driven
|
70
|
57.6
|
-12.4
|
|
6 |
Man Group
|
London
|
UK
|
Europe
|
Quant
|
66.5
|
71.8
|
-5.3
|
|
7 |
Citadel
|
FL
|
US
|
North America
|
Multi-strategy
|
66
|
65
|
-1
|
|
8 |
DE Shaw Group |
NY |
US
|
North America
|
Multi-strategy
|
65.8
|
58.5
|
7.3
|
|
9 |
Two Sigma
|
NY
|
US
|
North America
|
Quant
|
64.8
|
59
|
5.8
|
|
10 |
BlackRock
|
NY
|
US
|
North America
|
Diverse
|
55.8
|
47.8
|
8
|
|
11 |
Adage Capital Management
|
MA
|
US
|
North America
|
Equity
|
49
|
46.4
|
2.6
|
|
12 |
Goldman Sachs Asset Management
|
NY
|
US
|
North America
|
Diverse
|
48
|
45
|
3
|
|
13 |
Renaissance Technologies
|
NY
|
US
|
North America
|
Quant
|
46
|
41
|
5
|
|
14 |
Marshall Wace AM
|
London
|
UK
|
Europe
|
Equity
|
43
|
40.7
|
2.3
|
|
15 |
Point72 Asset Management
|
CT
|
US
|
North America
|
Multi-strategy
|
37.7
|
36.9
|
0.8
|
|
16 |
Wellington Management
|
MA
|
US
|
North America
|
Multi-strategy
|
36.4
|
30.2
|
6.2
|
|
17 |
Viking Global Investors
|
CT
|
US
|
North America
|
Equity
|
36
|
34
|
2
|
|
18 |
Davidson Kempner Capital Management
|
NY
|
US
|
North America
|
Multi-strategy
|
35.6
|
37
|
-1.4
|
|
19 |
Farallon Capital Management
|
CA
|
US
|
North America
|
Multi-strategy
|
35.6
|
34.9
|
0.7
|
|
20 |
PIMCO
|
CA
|
US
|
North America
|
Diverse
|
32.2
|
30.8
|
1.4
|
Source: With Intelligence
Billion Dollar Club FAQs
What is the Billion Dollar Club in hedge funds?
The BDC is a ranking of hedge fund managers with more than $1 billion in AuM. In H1 2025, 551 firms managed a record $3.6 trillion, accounting for around 86% of the global hedge fund industry.
Which hedge fund strategy grew the most in 2025?
Multi-strategy funds grew the fastest, overtaking equity strategies for the first time, while quant managers also saw strong inflows and performance.
Who were the biggest winners in the 2025 Billion Dollar Club?
AQR added nearly $20 billion, TCI gained $12 billion, and quant-driven firms like Two Sigma, DE Shaw, and Qube were major asset growth leaders.
Where are most Billion Dollar Club hedge funds based?
New York and London remain the top global hubs, with $1.2 trillion and $600 billion, respectively. The Asia-Pacific and Europe regions experienced the most substantial percentage growth.
How much of the hedge fund industry does the Billion Dollar Club control?
BDC firms manage 86% of global hedge fund assets, dominating the $4.2 trillion hedge fund market.
