Apple subsidiary Braeburn Capital has become the world's largest hedge fund, according to a report.

Braeburn was founded by Apple in 2006. Back then it handled $10 billion of cash for the company. Six years later and the Braeburn now handles a $117 billion cash horde for Apple (as of 30 June 2012). This means it has just surpassed Bridgewater, widely recognized as the top hedge fund in the world, notes Zero Hedge.

Zero Hedge refers to the tax Apple does or doesn’t pay on its earnings due to it going to its Irish subsidiary, Apple’s so called tax dodging was noted by a New York Times article earlier this year.

Braeburn is based in Nevada, a location that could also help Apple to shield assets from tax officers in California, notes Cult of Mac.

Apple’s cash hoard could grow to over $200 billion in two years, and if it does it’s possible that Braeburn could make Apple “the best capitalized bank, mutual fund or asset manager in the world,” according to Zero Hedge.

Earlier this year Apple responded to a New York Times report that criticised its tax practices, claiming that it uses offices in states other than California, where it’s headquartered, and countries outside the US to help minimize its overall tax burden. Apple claimed that it is “among the top payers of US income tax” and also that it is among the top creators of American jobs.

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