Key Facts
• Over the past three years, stock market growth created significant winners.
• Total assets of the top 10 US hedge fund managers reached $174 billion in 2025.
• This marks a $20 billion increase (approx. ¥3 trillion) from the previous year.
• Ken Griffin of Citadel leads with $50.4 billion, up $7.4 billion (approx. ¥1.1 trillion).
• David Tepper, Steve Cohen, and Israel Englander saw average increases of $3 billion each.
• Citadel’s flagship fund achieved a 19.5% annualized return since 1990.
• Millennium Management’s annualized return since 1989 stands at 14%, with only one negative year.
• Hedge funds like Citadel, Millennium, and Point72 introduced higher “pass-through” fees.
• Hedge fund inflows in Q2 2024 hit $25 billion, the highest in 11 years.
• Citadel, D.E. Shaw, and Millennium generated $29.5 billion in net profits in 2024.
• The HFRI 500 Index returned 6.2% in 2024, lagging behind S&P 500’s 16% over three years.
Summary
The top 10 wealthiest US hedge fund managers collectively increased their assets by $20 billion in 2025, reaching $174 billion. Ken Griffin of Citadel leads with $50.4 billion, driven by strong fund performance and market-making operations. Other notable managers, including David Tepper, Steve Cohen, and Israel Englander, saw significant gains. Despite a challenging environment, top hedge funds outperformed benchmarks like the HFRI 500 Index, which returned 6.2% in 2024. Citadel’s flagship fund achieved a 19.5% annualized return since 1990, while Millennium Management maintained a 14% annualized return since 1989. Hedge funds have adopted higher “pass-through” fees, shifting more costs to investors. Industry inflows reached $25 billion in Q2 2024, the highest in over a decade. Citadel, D.E. Shaw, and Millennium collectively generated $29.5 billion in net profits in 2024, accounting for over 10% of the industry’s total profits. These firms continue to dominate the hedge fund landscape, with their founders consistently appearing on the Forbes 400 list.
