Top Hedge Funds in London: 15 Biggest Firms Ranked

You probably know hedge funds from the headlines. A billionaire manager makes $1 billion in a year, or a fund loses half its money in a month, or someone buys a newspaper. Most of the big ones sit within a mile of each other in Mayfair and St James’s, and most people walk past the doors without knowing.

London is the biggest hedge fund city outside New York. AIMA and TheCityUK put the London industry at about $542 billion, roughly 10% of all hedge fund money in the world, with around 40,000 UK jobs and £3.9 billion paid in tax.

Short answer to the question you came here for: Man Group is the biggest hedge fund firm in London, with $270.9 billion under management at the end of September 2026. The Children’s Investment Fund (TCI) and Marshall Wace come next.

Below you get the 15 biggest, who started them, what they actually do in plain English, how they did this year, and whether you can put your own money in.

Why every list gives you different numbers

Before the list, one thing that will save you a lot of confusion. Google this topic and one site says Rokos Capital manages $230 billion. Another says $22 billion. Both look official.

They’re measuring different things.

• Net fund assets is the money investors actually handed over. Rokos has about $22 billion of that.
• Gross assets counts every position at full size, including borrowed money and derivatives. Rokos’s US regulatory filing shows about $217 billion because a macro fund can hold bond futures worth ten times its capital.
• Firm-wide assets adds in normal long-only funds that aren’t hedge funds at all. Man Group’s $270.9 billion includes billions in ordinary equity and bond funds. Its hedge fund money is closer to $106 billion (March 2026).

This list ranks on net money where a figure exists, and gives you the date beside it. If you see a far bigger number somewhere else, it’s almost always gross assets.

The top 15 hedge funds in London at a glance

Now the detail on each one.

1. Man Group

Man is the oldest name on this list by a long way. James Man started it in 1783 as a sugar and rum broker, supplying the Royal Navy. It moved into funds in the 1980s and is now the world’s largest hedge fund firm listed on a stock exchange, so you can buy its shares on the London Stock Exchange.

Assets hit a record $270.9 billion on 30 September 2026, up from $253.6 billion in June. Investors put in a net $10.1 billion in that quarter alone, more than double the $3.8 billion analysts expected. Most of it ($8.2 billion) went into long-only funds, and $1.9 billion into hedge fund strategies.

Its best-known unit is Man AHL, which uses computer models to follow price trends in markets like bonds, oil and currencies. Man’s update showed AHL Alpha up 5.4% and AHL Dimension up about 5.6%. Man GLG runs the manager-led side, where human portfolio managers pick stocks and bonds.

The share price was up about 51% for 2026 by mid-October. Robyn Grew runs the firm as chief executive. Head office is Riverbank House on Upper Thames Street by London Bridge (verify).

2. TCI Fund Management

Chris Hohn started The Children’s Investment Fund in 2003. The name comes from his original setup: part of the fees went to the Children’s Investment Fund Foundation, a charity now run separately.

TCI does the opposite of what most people think a hedge fund does. It owns a short list of very large companies, holds them for years, and pushes management hard when it disagrees with them. You can see its US holdings in its 13F filings each quarter, and they’re mostly household names in payments, ratings agencies, aircraft engines and railways.

The approach paid off big in 2025. TCI made a record $18.9 billion for its investors that year, according to Forbes, which is more than any other hedge fund in the world. Altss puts the return at around 27% to 28% (verify). The firm now manages about $77 billion from 7 Clifford Street in Mayfair.

3. Marshall Wace

Paul Marshall and Ian Wace set up Marshall Wace in 1997. Its best-known product is TOPS, which collects stock tips from hundreds of brokers and analysts, scores how good each person’s past calls were, and trades on the best ones. It also runs quant funds and traditional long/short equity.

The firm manages around $70 billion to $75 billion. It handed about $3.1 billion back to investors in late 2025 to keep its funds from getting too big (verify). In July 2026 TOPS lost 2.6% when AI stocks swung hard.

Outside the fund, Paul Marshall part-owns GB News and owns The Spectator magazine (verify).

4. Qube Research & Technologies (QRT)

QRT started in 2016 as the quant trading desk inside Credit Suisse. Pierre-Yves Morlat and Laurent Laizet bought it out in 2018 and made it independent. It’s now one of the fastest-growing hedge funds anywhere.

It runs dozens of computer-driven strategies across stocks, bonds, currencies and commodities, with about 1,400 staff. It manages about $38 billion. Bloomberg reported its main fund gained 30% in 2025 and its Torus fund 20% (verify).

If you see QRT listed at $580 billion on some sites, that’s gross assets, which counts every position at full size.

5. Brevan Howard

Alan Howard and a group of former Credit Suisse traders started Brevan Howard in 2002. For years it was the biggest macro fund in Europe, betting on interest rates, government bonds and currencies.

Technically the head office is in Jersey, but most of the traders sit in London. Howard himself moved to Geneva. In August 2025 Abu Dhabi’s Lunate took a stake in the business and the firm gave its size as $34 billion. Brevan Howard also runs one of the largest crypto hedge fund arms in the world, BH Digital.

2026 has been flat so far. The Master fund was up 4.3% by the end of May, then lost about 1.2% in July, leaving it up just 0.9% for the year at that point.

6. Capula Investment Management

Yan Huo and Masao Asai started Capula in 2005. It mostly trades small price gaps between government bonds, for example when two US Treasuries with nearly the same maturity trade at slightly different yields. Each trade makes very little, so the fund uses a lot of borrowing, which is why its gross assets look huge.

Capula managed $31.8 billion at the end of 2024 when Japan’s Dai-ichi Life bought a stake. The office is at 7 Clarges Street in Mayfair.

7. Rokos Capital Management

Chris Rokos was one of the founding partners at Brevan Howard. He left and opened his own fund in 2015 at 23 Savile Row, the same street as the tailors.

Rokos bets on interest rates and currencies. The swings are large. It made 44% in 2020, lost 26% in 2021, then made 51% in 2022. This year it was up 14.2% by May, lost 1.2% in July and 4.9% in October, and sits at about 8% for 2026. It manages about $22 billion.

The bigger story is where it pays tax. In September 2026 Rokos said it would move its tax home from London to Athens (verify). Greece charges wealthy new residents a flat €100,000 a year on foreign income and taxes managers’ performance pay at 5% if the firm spends at least €3 million a year in the country. More on that below.

8. AKO Capital

Nicolai Tangen started AKO in 2005. He left in 2020 to run Norway’s $1.8 trillion oil fund, but AKO kept going without him. It buys good quality European companies and bets against weaker ones, and it holds positions for years. Size is about $20 billion to $23 billion.

9. Egerton Capital

John Armitage and William Bollinger founded Egerton in 1994, which makes it one of the older stock-picking funds in London. It runs a long/short equity fund and a long-only fund, both built on a small number of companies the team knows well. Altss puts it at $20.1 billion.

10. Sona Asset Management

John Aylward set up Sona in 2014 (verify year) to trade corporate debt, loans and structured credit. Investors moved $6.6 billion into Sona in 2025, Bloomberg reported in January 2026, as big pension funds looked for credit managers outside the giant multi-strategy firms. It now runs about $19 billion and has been expanding its London office.

11. Winton

David Harding started Winton in 1997 after co-founding AHL (now part of Man Group). Winton uses statistics to follow trends in futures markets. It shrank from about $30 billion at its peak to a fraction of that, and size estimates now range from $10 billion to $17 billion depending on what you count. Harding is also the man who funds the Winton Gallery at the Science Museum.

12. LMR Partners

Ben Levine and Stefan Renold founded LMR in 2009. It runs a multi-strategy fund, which means many separate trading teams under one roof, plus offices in Hong Kong, New York and Zurich. HedgeLists gives it about $15 billion (verify).

13. Cheyne Capital

Jonathan Lourie and Stuart Fiertz set up Cheyne in 2000. It started in convertible bonds and corporate credit, and now does a lot of property lending and private credit too. Size: $13.7 billion.

14. Lansdowne Partners

Paul Ruddock and Steven Heinz founded Lansdowne in 1998. At its peak it managed about $21 billion and was one of the most famous stock-picking funds in Europe. It’s smaller now, at over $11 billion according to a British Business Bank release from May 2026.

15. Pharo Management

Guillaume Fonkenell runs Pharo, which trades emerging market bonds and currencies from London with offices in New York and Hong Kong. Around $10 billion.

Mid-sized London funds growing fast

Every other list stops at the same eight or ten names. These London firms are smaller, but their gross assets grew between 60% and 98% in the last year, according to HedgeThink’s filings data: Kedalion Capital, Arini Capital, Crake Asset Management, Ilex Capital Partners and Carrhae Capital (verify; gross figures only). Worth watching if you’re job hunting or following the industry.

London hedge funds that closed or changed

Some sites still list these as live top funds. They aren’t.

• Odey Asset Management: announced it was closing in 2023.
• BlueCrest Capital: returned all outside money in 2015 and now manages only its partners’ money. Mike Platt moved his main home to the UAE in 2025.
• Eisler Capital: wound down in 2025 after peaking at about $4 billion.
• Sloane Robinson: closed at the end of 2020.
• Adelphi Capital: turned into a family office in 2022.
• Arrowgrass: shut its main fund in 2019 (verify).

2026 so far for London hedge funds

The year has been good for some and rough for others.

Man Group had a record quarter. TCI came off a record 2025. Macro funds struggled. Rokos and Brevan Howard both lost money in July when AI stocks swung, and Rokos dropped another 4.9% in October during a tech selloff, political trouble in Brazil and protests in France. Marshall Wace’s TOPS fund fell 2.6% in July.

The other story is tax. The UK scrapped the non-dom regime in April 2025, so wealthy residents now pay UK tax on worldwide income after four years. From 6 April 2026, carried interest is taxed as income at an effective 34.075% for top-rate payers, up from 32%. That hits private equity more than hedge funds, because most hedge fund performance pay was already taxed as income. Still, recruiters told eFinancialCareers that nearly every call they get is from people wanting out, mostly to Dubai and Switzerland. Alan Howard and Jeremy Coller moved to Geneva. Millennium, Point72, Qube and Brevan Howard moved some senior staff to Dubai. Rokos picked Athens.

London still has more hedge fund money than any other city in Europe by a wide margin, and so far the moves involve individual managers and senior staff rather than whole firms. But the top earners are the ones moving, and their tax goes with them. Rokos alone reportedly paid $447 million in UK tax in one year (verify).

Can you invest in a London hedge fund?

Mostly no, at least not directly.

UK rules only let hedge funds market to professional investors and people who certify as high net worth (£100,000 a year income or £250,000 in net assets, not counting your home or pension) or as sophisticated investors. On top of that, minimums for the big funds often start at $1 million or more, and many of them, like Rokos and TCI, are closed to new money most of the time.

You do have a few easier routes:

• Buy Man Group shares on the London Stock Exchange through any normal broker or ISA. You’re buying the business, not the funds, so you get the fees it earns.
• BH Macro (ticker BHMG) is an investment trust listed in London that puts its money into Brevan Howard’s Master fund. It often trades at a discount to its asset value.
• Liquid alternative funds, like some Man Group UCITS funds, follow hedge fund strategies with daily dealing and lower minimums, and you can find them on most UK platforms.

If you need a broker for any of these, our guide to the top 10 stock brokers in London compares the fees.

Getting a job at a London hedge fund

Most big funds hire two kinds of graduates. Quant firms like QRT, Man AHL, Winton and G-Research want maths, physics and computer science people who can code. Fundamental funds like TCI, Egerton and Lansdowne mostly hire analysts after two or three years at an investment bank or consultancy.

Man Group runs a graduate analyst scheme at AHL. Recruiters also advertise operations and middle office roles at “elite” London funds for graduates, with one September 2026 listing showing pay up to £60,000 (verify). Portfolio manager pay at the top funds runs into millions, but that’s a small group.

FAQ

What is the largest hedge fund in London? Man Group, with $270.9 billion at 30 September 2026. On hedge fund money alone, Man (about $106 billion) and TCI (about $77 billion) lead.

Which London hedge fund made the most money in 2025? TCI, with a record $18.9 billion in profit for investors, the highest of any hedge fund in the world that year.

Where are most hedge funds in London? Mayfair and St James’s in the West End. TCI is on Clifford Street, Capula on Clarges Street and Rokos on Savile Row. Some larger firms, like Man Group, sit in the City.

Is Brevan Howard based in London? Its legal head office is in Jersey, but most of its traders work in London. Alan Howard lives in Geneva.

Why are hedge funds leaving London? Mainly tax. The end of the non-dom regime, the new carried interest rules and cheaper deals in Greece, Dubai and Switzerland. Rokos Capital is the biggest name to move its tax base, to Athens.

Can a normal UK investor buy into a hedge fund? Not directly unless you qualify as high net worth or sophisticated. You can buy Man Group shares or the BH Macro investment trust on the London Stock Exchange instead.

Who regulates London hedge funds? The Financial Conduct Authority. Every London manager on this list is on the FCA register, which you can search for free.

Before you take any of this further

Hedge fund numbers move every month and the funds don’t publish them, so treat every return above as a snapshot. If you’re thinking about Man Group shares or BH Macro, check the latest price and discount on your broker’s app first.