Wall Street's billionaires club is growing: There are 98 new $1 billion hedge funds, according to research from Preqin, and the funds at that size control 88 percent of all the cash.
There are 659 hedge funds operating with $1 billion or more, most of them concentrated in North America, the report said. It's another reminder that for many of Wall Street's top hedge funds, size matters. And some funds, like Ray Dalio's Bridgewater Associates, just keep growing.
"With the number of managers exceeding $1 billion in assets under management increasing, the $1 billion club continues to control a substantial proportion of the hedge fund industry's assets," said Preqin's head of hedge fund products, Amy Bensted.
However, after a year where many top hedge funds underperformed, the top hedge funds' tight grip on the big bucks became a little looser. Their percentage of cash is down, from 92 percent of available capital, to 88 percent this year, the Preqin report said.