Investment banks JP Morgan and Goldman Sachs took the top two slots in a list of the largest global hedge fund managers while Citigroup leapt up the ranking to 13th place from 45th.

JP Morgan moved to number one with $33bn (€24.5bn) in total capital as of December 31, according to data from Alpha Magazine. JP Morgan climbed 23 places to the top rank thanks to the $1.3bn acquisition of hedge fund manager Highbridge Capital Management in 2004. Highbridge accounted for nearly half the bank's assets under management.