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.

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