JPMorgan hedge manager rockets to 1st place

JPMorgan Asset Management is now the world’s largest hedge fund managers, according to Alpha Magazine’s 2007 list of “The Hedge Fund 100.” Jumping to first place from 24th in the prior year, the alternative investment arm of JPMorgan Chase & Co. in New York raked in in $33.08 billion in total capital. It can attribute some of its success to hedge fund firm Highbridge Capital Management, which manages $15.7 billion of JPMorgan’s assets, according to Alpha’s report. Goldman Sachs Asset Management, also of New York, was toppled from its perch as number one, falling to second place with a mere $32.5 billion in assets. Meanwhile, Bridgewater Associates of Westport Conn. dropped down a notch to third place, earning $30.2 billion in assets. JPMorgan, Goldman Sachs and Bridgewater were the only firms that broke the $30 billion ceiling this year, compared to last year when the Goldman and Bridgewater smashed the $20 billion barrier, Alpha reported. All together, the 100 firms in this year’s list manage $1 trillion, the magazine said.