--- title: "Hedge Fund Managers Industry: Companies" description: "30 SEC filers are classified under the Standard Industrial Classification code that describes the hedge fund managers industry." canonical: https://www.getswoopr.com/stocks/industries/financials/hedge-fund-managers/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Hedge Fund Managers Industry ## Direct Answer 30 SEC filers are classified under the Standard Industrial Classification code that describes the hedge fund managers industry, and their latest annual reports show $138.5 billion of combined revenue and a median operating margin of 12.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Hedge fund managers run private investment funds and charge a management fee and a share of profits, with returns depending on trading skill and capital raised. Assets are mobile, so performance and fees drive survival. The first numbers to compare across companies here are assets under management, management and performance fees and fund returns against benchmark. ## Key Industry Metrics - **Assets under management**: Value of investor capital managed, which drives fees. It rises with performance and inflows, and falls quickly if performance lags. - **Management and performance fees**: Base fees on assets and a share of gains above a hurdle. Performance fees are volatile, so a high share makes earnings less predictable. - **Fund returns against benchmark**: Gains relative to an agreed yardstick, such as an index or cash. Persistent shortfalls often lead to redemptions. - **Investor flows**: Money added by investors less withdrawn. Because capital is mobile, flows react to results and fund terms. - **Cost base**: Staff pay, technology and operating costs. Compensation is the largest, so margins fall when performance fees do. ## Primary Macro Drivers - **Market volatility and opportunities**: Price swings create trading opportunities, so volatile markets can raise returns and performance fees while quiet periods limit them. - **Investor allocations**: Investors move money to funds that perform and away from those that lag, so allocations change assets under management and fee revenue. - **Performance fees**: Performance fees depend on gains above prior highs, so strong years lift revenue and weak years yield none, shown in management and performance fees. - **Talent**: Strong investors and traders are central to results, so pay and retention affect cost base and capacity. ## Major Risks - **Poor performance and redemptions**: Losses lead to withdrawals that reduce assets and management fees at once. Watch fund returns against benchmark and investor flows. - **Fee compression**: Investors push for lower management and performance fees, reducing revenue per dollar. Watch fees and the terms in new funds. - **Key person risk**: A few individuals often drive results, so departures can lead to redemptions. Watch disclosures of key personnel and flows after changes. - **Regulation**: Rules on reporting, leverage and trading practices add cost and may limit strategies. Watch regulatory actions and compliance spending. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Mixed | | Capital Intensity | Low | | Regulatory Intensity | Medium | | Industry Maturity | Mature | | Geographic Importance | Global | ## Hedge Fund Managers Filers in the SEC Record 30 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6282. Their latest fiscal years end between 2025 and 2026, and together they reported $138.5 billion of revenue. Median revenue growth over the prior year was 7.0%. Median operating margin was 12.1% and median net margin 13.7%. Median total liabilities were 54% of total assets, and 24 of 30 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Apollo Global Management, Inc.](https://www.getswoopr.com/stocks/companies/apollo-global-management/) | $32.0 billion | 22.7% | n/a | 10.6% | FY 2025 | | [Kkr & Co. Inc.](https://www.getswoopr.com/stocks/companies/kkr-and-co/) | $19.5 billion | -11.0% | n/a | 12.2% | FY 2025 | | [Ameriprise Financial Inc](https://www.getswoopr.com/stocks/companies/ameriprise-financial/) | $18.9 billion | 5.5% | n/a | 18.8% | FY 2025 | | [Blackstone Inc.](https://www.getswoopr.com/stocks/companies/blackstone-inc/) | $14.5 billion | 9.2% | n/a | 20.9% | FY 2025 | | [Franklin Templeton Inc](https://www.getswoopr.com/stocks/companies/franklin-resources/) | $8.8 billion | 3.5% | 6.9% | 6.0% | FY 2025 | | [Price T Rowe Group Inc](https://www.getswoopr.com/stocks/companies/t-rowe-price/) | $7.3 billion | 3.1% | 29.9% | 28.5% | FY 2025 | | [Invesco Ltd.](https://www.getswoopr.com/stocks/companies/invesco/) | $6.4 billion | 5.1% | -10.9% | -2.7% | FY 2025 | | [Carlyle Group Inc.](https://www.getswoopr.com/stocks/companies/the-carlyle-group-inc/) | $4.8 billion | -11.9% | n/a | 16.9% | FY 2025 | The 8 largest of 30 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Hedge Fund Managers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Financials - [Financials sector overview](https://www.getswoopr.com/stocks/industries/financials/) - [Homeowners Insurance](https://www.getswoopr.com/stocks/industries/financials/homeowners-insurance/) - [Health Insurance](https://www.getswoopr.com/stocks/industries/financials/health-insurance/) - [Index Providers](https://www.getswoopr.com/stocks/industries/financials/index-providers/) - [Group Benefits Insurance](https://www.getswoopr.com/stocks/industries/financials/group-benefits-insurance/) - [Insurance](https://www.getswoopr.com/stocks/industries/financials/insurance/) - [Fund Administration](https://www.getswoopr.com/stocks/industries/financials/fund-administration/) - [Insurance Brokers](https://www.getswoopr.com/stocks/industries/financials/insurance-brokers/) - [Full-Service Brokerages](https://www.getswoopr.com/stocks/industries/financials/full-service-brokerages/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Hedge Fund Managers industry? Key performance indicators for the Hedge Fund Managers industry include: Assets under management, Management and performance fees, Fund returns against benchmark, Investor flows, Cost base. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Hedge Fund Managers industry? The Hedge Fund Managers industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important. What are the biggest risks in the Hedge Fund Managers industry? The primary risks for Hedge Fund Managers companies include: Poor performance and redemptions, Fee compression, Key person risk, Regulation. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).