Where is the largest hedge fund in the world located? New York? Hong Kong? Maybe Amsterdam or Dubai? How about an unimpressive office building in Reno, Nevada?
This hedge fund has $117 billion dollars in assets under management (AUM). And the fund’s name? Braeburn Capital. And it is a private fund – you can’t buy into it or even look at their asset mix because they do is manage cash for a little company called Apple. (For those of you keeping score – Braeburn is a type of Apple.) By any comparison, this hedge fund is massive. Their closest competitor barely tops $100 billion in AUM and Braeburn’s cash on hand is roughly double that of the US Treasury.
So – what does this mean for the average consumer? Well, everyone who just upgraded to the iPhone 5 sent a portion of their purchase price into this fund. And for those of you holding Apple stock – don’t worry, even the first dividend payment announced earlier this won’t make a dent in Apple’s pile of cash since the whole dividend payout will be around $10 billion dollars.
Here is a link to a longer story with more information on Braeburn and the company’s management team.