Top 25 Hedge Fund Managers by Hedge Fund Assets (2026)

Millennium Management reports the most hedge fund assets to the SEC, $713 billion, in Form ADV filings through October 31, 2026, followed by Qube Research & Technologies with $580 billion and Citadel. According to SEC data, the ten largest managers hold 28% of the $15.12 trillion in hedge fund gross assets that 3,326 advisers report.

Hedge fund managers do not publish a common league table, and the assets they quote are not measured the same way. There is one public record that is: every adviser that files Form ADV lists each private fund it manages, with the fund's type and its gross assets. This page counts hedge funds alone, fund by fund, for registered and exempt reporting advisers alike.

The 25 largest hedge fund managers

Ranked by the gross assets of the hedge funds each manager advises, as its advisers reported them on Schedule D. "Reports as" says whether the manager's advisers are registered with the SEC or report as exempt reporting advisers. Feeder funds and funds of funds are left out so that no investor's money is counted twice, and a fund reported by two advisers counts once in every total and share.

Rank	Manager	Hedge fund assets	Share	Change over the year	Funds	Reports as	Source
1	Millennium Management	$713 billion	4.7%	+26%	10	Registered	SEC
2	Qube Research & Technologies	$580 billion	3.8%	+36%	9	Exempt reporting	SEC
3	Citadel	$563 billion	3.7%	+29%	16	Registered	SEC
4	Capula Investment Management	$546 billion	3.6%	+21%	6	Exempt reporting	SEC
5	Symmetry Investments	$395 billion	2.6%	+33%	3	Exempt reporting	SEC
6	LMR Partners (2 advisers)	$374 billion	2.5%	+62%	6	Both	SEC
7	Ares Management (4 advisers)	$296 billion	2.0%	+14%	237	Registered	SEC
8	Balyasny Asset Management	$278 billion	1.8%	−3%	32	Registered	SEC
9	Point72	$272 billion	1.8%	+25%	5	Registered	SEC
10	Marshall Wace (4 advisers)	$268 billion	1.8%	+17%	37	Both	SEC
11	Two Sigma	$259 billion	1.7%	+110%	34	Registered	SEC
12	D. E. Shaw (2 advisers)	$233 billion	1.5%	+41%	30	Registered	SEC
13	Rokos Capital Management	$219 billion	1.5%	−5%	2	Registered	SEC
14	PIMCO	$217 billion	1.4%	+38%	80	Registered	SEC
15	Brevan Howard	$210 billion	1.4%	+21%	17	Exempt reporting	SEC
16	Garda Capital Partners	$207 billion	1.4%	+94%	1	Registered	SEC
17	Schonfeld Strategic Advisors	$205 billion	1.4%	+56%	16	Registered	SEC
18	Arrowstreet Capital	$173 billion	1.1%	+42%	38	Registered	SEC
19	Alphadyne Asset Management	$165 billion	1.1%	+12%	3	Registered	SEC
20	Taula Capital Management (Jersey)	$161 billion	1.1%	+116%	2	Registered	SEC
21	ExodusPoint Capital Management	$159 billion	1.0%	+32%	1	Registered	SEC
22	BlackRock (9 advisers)	$152 billion	1.0%	+107%	139	Both	SEC
23	Blackstone (6 advisers)	$150 billion	1.0%	+22%	103	Registered	SEC
24	AQR Capital Management (2 advisers)	$149 billion	1.0%	+102%	276	Registered	SEC
25	Squarepoint	$147 billion	1.0%	+40%	8	Registered	SEC

The change over the year compares each firm's funds with its own filing up to October 31, 2025, like for like, by the rules of the fastest-growing private fund managers: "new" marks a firm that reported none of these funds a year earlier, and "n/a" one whose advisers had not filed again with updated figures.

Download this table (CSV), free. The full dataset, every registered and exempt reporting adviser with hedge funds, by filing adviser, is one email away.

Gross assets are not "assets under management"

The figure a hedge fund manager quotes is usually the net value of its investors' capital. Form ADV asks for gross assets, before borrowing is deducted, so a fund that finances its positions reports a figure well above its net asset value. Ranking by gross assets therefore places heavily financed strategies higher than a ranking by investor capital would. According to SEC data, seven of the 25 managers report five or fewer hedge funds and more than $100 billion each.

Many of the largest managers are exempt reporting advisers

An adviser that advises only private funds and stays below the SEC's asset threshold for registration can report to the SEC as an exempt reporting adviser instead of registering, and a manager outside the US measures that threshold on the private fund assets it manages from US offices alone. Exempt reporting advisers complete the private fund section of Schedule D like registered advisers, so their funds can be counted the same way. According to SEC data, 1,023 exempt reporting advisers and 2,303 registered advisers report hedge funds, and funds reported only by exempt reporting advisers hold 20% of hedge fund assets. Four of the 25 largest report only as exempt reporting advisers: Qube Research & Technologies, Capula Investment Management, Symmetry Investments and Brevan Howard. Ranked on registered advisers alone, none of them would appear.

A broad definition of "hedge fund"

Form ADV's definition turns on what a fund may do, not on what it is called. A hedge fund is a private fund that may charge a performance fee calculated on unrealized gains, may borrow more than half its net asset value or carry gross notional exposure above twice that value, or may sell securities short. Many credit, multi-asset and alternative-risk funds meet it, so managers better known for other businesses can rank here, counted on their hedge funds alone.

What this method sets aside

• Funds of the manager's own funds. A fund that invests a tenth or more of its total assets in other pooled vehicles, registered funds included, is a fund of funds on Form ADV. When it invests in the adviser's own or related funds, ranking it as a fund-of-funds business would credit the manager with a business it does not run, so it is set aside: 933 such funds of 279 advisers, reporting $1.31 trillion. The largest case is Bridgewater Associates, whose filing marks its main trading companies this way. That leaves Bridgewater number 313 on the funds counted, while the largest of those trading companies, Bridgewater Pure Alpha Trading Company II, Ltd., alone reports gross assets of $48.4 billion.
• Funds of funds that invest outside the adviser. They are ranked separately below, because where they invest in other managers' private funds, those funds are counted under their own managers.
• Managers outside Form ADV. A manager that neither registers with the SEC nor reports to it as an exempt reporting adviser does not appear at all.

Funds of funds among hedge funds

These are hedge funds that meet Form ADV's fund-of-funds test, a tenth or more of their assets in other pooled vehicles, without investing in their own adviser's funds. Most are funds of hedge funds; some meet the test by holding registered funds, such as money market funds or exchange-traded funds, rather than other managers' hedge funds. According to SEC data, 1,487 such funds report $371 billion, led by Ares Management with $22.9 billion.

Rank	Manager	Hedge funds that are funds of funds	Funds	Source
1	Ares Management	$22.9 billion	23	SEC
2	Investure	$20.6 billion	21	SEC
3	Makena Capital Management	$20.5 billion	13	SEC
4	J.P. Morgan	$14.7 billion	12	SEC
5	GCM Grosvenor	$13.2 billion	37	SEC
6	Abrams Capital Management	$12.7 billion	7	SEC
7	MFN Partners Management	$12.4 billion	1	SEC
8	Global Endowment Management	$10.7 billion	114	SEC
9	Summit Rock Advisors	$8.9 billion	6	SEC
10	Iconiq Capital	$8.7 billion	13	SEC

How hedge fund strategies differ

The strategy labels managers use describe how a fund makes money, and they shape what its balance sheet looks like on Form ADV.

• Multi-strategy and multi-manager funds allocate capital to many separate teams that trade independently within a shared risk framework.
• Quantitative funds trade on models rather than individual discretion.
• Global macro funds take positions in interest rates, currencies, commodities and equity indexes, taking views on economies and policy.
• Relative value funds trade the price difference between related instruments, such as two bonds or a bond and its futures contract. Because such price gaps are small, the positions are often financed, which raises gross assets.
• Event-driven funds invest around corporate events such as mergers, restructurings and activist campaigns.
• Credit and distressed funds lend to companies or buy their debt, from performing loans to bonds of companies in difficulty.

What allocators look at beyond size

Size says little about whether a fund suits an investor. The terms and the way the fund is run often matter more.

• Fees. Management and performance fees, and any expenses passed through to the fund, are set in each fund's offering documents and vary by manager and strategy.
• Liquidity. Lock-ups, redemption frequency, notice periods and gates determine how quickly an investor can leave.
• Leverage and risk. Comparing a fund's gross assets on Form ADV with its net asset value shows roughly how much of its balance sheet is funded by borrowing and other liabilities.
• Operations. Form ADV lists each private fund's auditor, prime brokers, custodians and administrator, which an allocator can read for any adviser on Investment Adviser Public Disclosure.

What this means for technology buyers

A hedge fund's systems follow its trading and its financing more than its fund count: positions, margin and collateral move every day across prime brokers, and investors expect reports on a fixed calendar. These guides compare the options:

• Execution management systems for hedge funds: routing and working orders across brokers.
• Order management systems: positions, compliance checks and allocations.
• Compliance monitoring and pre-trade clearance: restrictions checked before an order goes out.
• Investor relations and reporting platforms: what investors see each month and quarter.

Mapping the firm before choosing systems? The Hedge Funds Value Stream Catalog sets out how a hedge fund works from end to end, and the Hedge Funds Business Information Model the information it runs on.

More from Finantrix Atlas

• Fastest-growing private fund managers by fund type
• Prime brokers to hedge funds
• Who administers private funds
• Largest private fund managers

How this list was built

The universe is every private fund that an adviser reported on Schedule D, Section 7.B.(1) of Form ADV, in its latest filing up to October 31, 2026, from both registered and exempt reporting advisers: the SEC's cumulative filing data, then each month it has published since. An adviser counts only if the SEC's own lists of registered and exempt reporting advisers for November 2, 2026 still include it: 280 funds of 161 advisers that the lists no longer include are left out, so funds that moved to a new adviser are not counted twice. The lists also still include 56 advisers with hedge funds whose latest filing is more than fifteen months old; their figures are too old to rank and are left out, $8.0 billion of private fund assets in all, according to SEC data. Of the hedge funds counted, 1,322 feeder funds are left out because their assets are invested in a master fund that is reported as well, and 572 funds that report no gross assets are left out rather than counted as zero.

Form ADV gives each private fund one identification number, which every adviser to that fund must use. According to SEC data, 28 hedge funds are reported by more than one adviser; each is credited to every manager that reports it and counted once in totals and shares.

The SEC's lists for November 2, 2026 also give each adviser's number of hedge funds and the gross assets of all its private funds. For 3,804 of the 3,806 advisers counted here, both match this count, the gross assets to within 1%, according to SEC data, and every adviser in the table matches.

Advisers that file separately but share a manager's name are grouped under that manager. The dataset lists every filing adviser with its own figures, so any grouping can be undone.

Limits

• As of each adviser's latest filing. Advisers update the private fund section in their annual amendment, within ninety days of their fiscal year-end, so a fund's figures can be up to a year older than the date above.
• Gross, not net. Gross assets are market value without deducting borrowing, plus any uncalled capital commitments, according to the SEC's instructions. They are not the capital a manager has raised.
• A regulatory definition. What counts as a hedge fund is the adviser's own classification under Form ADV's definition, which takes in funds a manager may not call hedge funds.
• The fund-of-funds test is broad. A fund that holds a tenth of its assets in money market funds or exchange-traded funds meets it, so a few funds that invest directly are in the separate table rather than the ranking.
• Grouping is by name. A manager whose advisers file under unrelated names appears once per adviser.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

Millennium Management reports the most hedge fund assets to the SEC, $713 billion, according to a Finantrix Atlas analysis of Form ADV filings through October 31, 2026.

The ten largest hedge fund managers hold 28% of the hedge fund gross assets reported on Form ADV, according to a Finantrix Atlas analysis of SEC data.

Suggested citation: Finantrix Atlas, "Top Hedge Fund Managers by Hedge Fund Assets," filings through October 31, 2026, from SEC Form ADV Schedule D. https://www.finantrix.com/articles/top-25-hedge-funds

Embed the chart:

<a href="https://www.finantrix.com/articles/top-25-hedge-funds"><img src="https://www.finantrix.com/atlas/top-25-hedge-funds.png" alt="The largest hedge fund managers by hedge fund assets, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/top-25-hedge-funds">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: What is the largest hedge fund? A: By the hedge fund assets its advisers report to the SEC, Millennium Management, with $713 billion in Form ADV filings through October 31, 2026, followed by Qube Research & Technologies. A ranking by investors' capital would order managers differently, because gross assets include borrowing.

Q: Why are these figures larger than the assets managers say they manage? A: Form ADV asks for gross assets: the market value of everything a fund holds, without deducting what it has borrowed. Managers usually quote the net value of their investors' capital, which for a fund that finances its positions is much smaller.

Q: Why is Bridgewater ranked so low? A: Bridgewater's filing marks its main trading companies as funds that invest in its own funds. Ranking such funds would count money twice, so this page sets them aside, and most of Bridgewater's hedge fund assets are not counted. Its largest trading company alone reports $48.4 billion.

Q: Do hedge fund managers register with the SEC? A: Many do, and many report as exempt reporting advisers instead, often because their principal office is outside the US. Both file the private fund section of Form ADV. According to SEC data, funds reported only by exempt reporting advisers hold 20% of hedge fund assets.