And the title goes to...JPMorgan. It is now the biggest manager of hedge-fund assets through various units, including Highbridge Capital Management. Based in part on acquisitions, the bank boosted its funds under management 74 percent to $34 billion. That surge knocked Goldman Sachs Asset Management down to second place, though it also boosted its assets, by nearly 50 percent to $32 billion. The other big winners last year: Bridgewater Associates, D.E. Shaw Group, and Farallon Capital Management. Not surprisingly, the top 20 hedge fund firms controlled one-third of the $1.2 trillion in assets under management. These are boom times for the industry. A golden era you might say. Pensions are in a giving mood. We'll see how the markets shake out.

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