CA after NY in Hedgefunds?!

The number of candidates enrolled in the exam for Alternative Investments, I can’t say the full name because this post will be deleted ;-), is highest for NY. Surprisingly CA is ranked as #2, well before CT and NJ. I am wondering, where are all the HF in California. Numbers don’t lie, but I am perplexed.

San Francisco and LA. Mostly San Fran.