Assets at the largest US hedge funds grew by more than a third last year, even though three of the 10 largest funds lost a combined $24bn in assets through a mixture of faltering performance and investor redemptions.

JPMorgan, including JPMorgan Asset Management and Highbridge Capital Management, retained its position as the largest US hedge fund manager, with $44.7bn under management at year end, even though it lost $8.5bn in assets over the course of the year, according to the biannual survey by Absolute Return magazine, an industry publication.