Forbes – In the tussle for dominance between the world’s two big financial capitals, New York and London, the Yanks are winning in the battle to attract the biggest hedge funds. While the number of hedge funds with more than $1 billion under management fell to 55 this year in London from 65 last year, in New York, their numbers slipped only marginally to 118 from 120, keeping the Big Apple streaks ahead of the competition, according to the London-based research firm Hedge Fund Intelligence.
New York has been the most popular destination for hedge funds in the $1 billion club for some time, and by a wide margin. Funds with at least a billion dollars under management that are headquartered there (and often domiciled offshore in places like the Cayman Islands for tax and regulatory purposes) represented 46.6% of global assets managed by similarly sized funds in January of this year. The big hedge funds in second-place London managed just 15.9% of the same total.
