The top 10 largest fund of funds managers grew at a slower rate than the average manager in the "billion-dollar club" of funds of hedge funds, turning around the trend of the last few years when the largest have grown the fastest.
According to trade magazine InvestHedge's twice-yearly survey of the largest funds of funds, the 108 funds in the billion-dollar club gained a net $21bn in the first half, a growth rate of 3.3%. The top 10 firms in the list added nearly $6bn, a growth rate of just over 2.6%.
