JP Morgan Asset Management has jumped from 24th place to become the world’s largest hedge fund managers, according to Alpha Magazine’s 2007 list of “The Hedge Fund 100.” The alternative investment arm of JP Morgan Chase & Co in New York now manages $33.08 billion, $15.7 billion of which is managed by Highbridge Capital Management. Goldman Sachs Asset Management fell from last year’s number one position and is now in second place with $32.5 billion in assets. Bridgewater Associates dropped from second to third place, managing $30.2 billion in assets. The 100 firms in this year’s list together manage $1 trillion, according to Alpha.