Ray Dalios Bridgewater Associates headed the list of the top 10hedge fund rankingsin America according to a recent survey released by Absolute Return + Alpha Magazine.

Dalio founded Bridgewater in his Manhattan apartment when he was in his early 20s, saysBusiness Insider. Since then, the firm has grown to occupy a 22-acre wooded campus in Westport, CT, and manage $70.3 billion in assets.

Next in line was J.P. Morgan Asset Management/Highbridge Capital Management. The hedge fund arm of J.P. Morgan is headed by Highbridge Founders Glenn Dubin and Henry Swieca, and manages roughly $55.2 billion. J.P. Morgan bought a majority stake in Highbridge in 2004, and purchased it outright in 2009.

Number 3 on the list is Paulson & Company headed by John Paulson, famous for making perhaps the biggest winning bet during the subprime meltdown in 2008. Paulsons firm manages $35.2 billion using multiple strategies including merger arbitrage and long/short equity. As famous as he is for his subprime bet, Paulson & Co. also picked up another $1 billion via a Citibank investment from 2009 to 2010.

Blackrock Financial Management Inc. sits at the number 4 position. Founded in 1988 by Larry Fink and Robert S. Kapito, Blackrock manages $29.6 billion using multiple strategies. Rounding out the top 5 is Och-Ziff Capital Management Group, founded in 1994 by Daniel S. Och. The $29.3 billion fund firm is reportedly one of the few hedge funds that avoided big losses during the 2008 meltdown. But an IPO launched in 2007 did not far as well dropping from $32 initially to $4 during the crisis.

The other notables on the top 10 list include Soros Fund Management, at $25.5 billion, which earlier this year returned funds to investors in a transition to a family office. Baupost Group at number 7 with $24 billion. Angelo, Gordon & Co. at $22.2 billion, which has been described as more of a private equity firm that sponsors hedge funds. James Simons famous quant fund Renaissance Technologies holds the number 9 spot with $20 billion in assets under management. And finally, Farallon Capital Management holds the number 10 spot with $20 billion spread among value investments, event-driven, and merger arbitrage strategies.

According to BusinessInsider, American hedge funds have seen positive returns this year. Assets grew among American hedge funds by 8 percent to $1.399 trillion overall, in the first half of 2011, although things may have shifted south given the market volatility and uncertainty weve seen in recent months.

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