Will the current turmoil re-order the hedge fund rankings? It is distinctly possible. Long-term Capital Management at one point ranked as a pretty darn big fund. For now, the leader of the pack seems to be Highbridge Capital Management, owned by JPMorgan Asset Management, which remained the largest hedge fund manager in the first half of 2007, according to Absolute Returns via FINalternatives. Assets more than doubled during the period, hitting $37 million. Goldman Sachs comes in second, managing $40 billion. My guess is that by dint of the massive bailout "opportunity," Goldman will stay high in the rankings. But you never know, at times like this, new winners are made.  

For more:
- here's a brief from FINalternatives