New York is home to 12,732 hedge funds, clocking the most registrations of all US states, followed by California and Connecticut, according to analysis of hedge fund registration data by fund service provider Repool. 

Repool’s analysis is based on Preqin’s Global Insights series, in addition to Wall Street Prep.

New York also dominates based on AUM, with funds in the state valued at $2.65tn (47.25% of US funds’ total AUM). Of the top 100 hedge funds globally, 45 were in New York.

Over 33,000 hedge funds are registered in the US, of which nearly two-fifths (39%) are in New York. With 4,016 (12%) located in California, the two states make up 51% of hedge fund registrations.

Overall, 88% of US hedge funds can be found in just 10 states — New York, California, Connecticut, Florida, Massachusetts, Texas, Illinois, New Jersey, Pennsylvania and Minnesota — with a combined total of 29,170.

The remaining 40 states collectively house just 3,868 hedge funds, while North Dakota and West Virginia currently have no registrations.

New York also saw the most hedge fund arrivals since 2023 with 385, more than twice as many as California with 155. Texas ranked third with 67, followed by Florida (64), Connecticut (61) and Massachusetts (55).

Repool provides fund adminstration, software and end-to-end fund launch services for hedge fund managers.