Pensions & Investments released its 2009 rankings of the world's largest hedge funds -- that is, funds that manage at least $20 billion in assets -- and the results are somewhat surprising.
Everyone knows that the atmosphere hasn't been conducive for stellar growth, but three prominent hedge fund managers dropped off the annual list. Goldman Sachs Asset Management, Renaissance Technologies Corp. and Citadel all came in short of the $20 billion mark, and so weren't ranked.
JPMorgan came in first, managing $53.5 billion in funds. Bridgewater Associates came in second with $43.6 billion, and Paulson & Co. ended the year with $32 billion.