A small pool of large hedge funds (11%) command a total of $2.78trn of industry capital, which amounts to 92% of the total assets in hedge funds.

The hedge fund industry has now reached $3.16trn in assets as of the end of Q1 2015. The group in the top 11% include 570 managers of the total 5,122 single-manager hedge fund managers across the globe.

“The $1bn club, those hedge funds with at least $1bn or more in assets under management, have continued to grow over the past twelve months, both in terms of the assets they command and their influence on the hedge fund industry," said Amy Bensted, head of hedge fund products at Preqin.

"Within this group of elite fund managers, many have steadily grown their assets over decades demonstrating a consistently strong track record over many market cycles. Some newer entrants have either demonstrated superior performance in a shorter term to accumulate their assets or have spun out of existing $1bn Club firms to attract significant pools of capital to their new ventures.”

Just 22 fund managers currently handle $20bn or more in assets under management, and collectively control $790bn in assets. Members of the Club that manage between $1bn and $4.9bn collectively control $892bn in assets, or 28% of entire industry assets.

At least 27% of funds run by members of the so-called $1bn club are equity strategies (41% for managers with between $1bn and $4.9bn in assets). For managers with $20bn or more in assets, almost a quarter of their funds are multi-strategy funds.

Over a third (202 members) of the top 11% of hedge funds are located in New York, and manage over $1tn between them. London is the second most notable location of managers in the Club, with 83 headquartered there managing $363bn in assets.

Bridgewater Associates still commands the largest amount of assets, with a total of $169.5bn in assets under management. AQR Capital Management follows this with $64.9bn in assets.