JPMorgan Chase & Co. is the world's biggest hedge fund firm by assets, according to Pensions & Investments magazine.

JPMorgan Chase, which owns Highbridge Capital Management LLC, managed $53.5 billion at Dec. 31, according to a survey by the magazine published on its Web site. Highbridge oversaw $32.5 billion, and the banking company's JPMorgan Asset Management unit had $21 billion in hedge fund assets.

Bridgewater Associates LP, the New York hedge fund founded by Ray Dalio, was ranked second, with $43.6 billion, and Paulson & Co., run by John Paulson, was third, with $32 billion, the magazine said. The top 11 hedge funds managing at least $20 billion oversaw a combined $316.2 billion at Dec. 31, compared to $316 billion managed by the top 10 at the end of 2007, the survey said.

Goldman Sachs Group Inc.'s fund unit in New York, Renaissance Technologies Corp., and Citadel Investment Group LLC each fell under $20 billion, Pensions & Investments said.

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