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I don't know much about each firm, but a quick search showed Vanguard, Hamilton Lane, SEI, and Delaware Investments as top results in the area. I don't think any of them have offices downtown.
With the comp structure thing, you have to realize Philly is hands-down the cheapest big city on the east coast. I live there now, you can get a 1 bedroom apartment in the nicest area of the city for well under $1500, and you can buy a house in a nice neighborhood for less than $500k. Due to old Puritan liquor laws on the books, a lot of the higher end restaurants are BYOB, which further saves you money. It's just cheap in general to go out. It's not like NYC where you can spend $200 seemingly by accident, you'd have to really try in Philadelphia.
TFS Capital, its in West Chester, but that is a great town 25 minutes from the city. Then as mentioned before, you have the large ones like Vanguard & SEI.
You may want to look at funds located just over the border in Delaware, mostly in Wilmington and Newark, it seems to be a large banking hub for the area.
I live and work in the West Chester area, and as @CoreyTrevor mentioned, it is a really great place to live and raise a family.
Are there any notable funds in the city? I feel like center city doesn't have any big players
Not many in terms of brand name shops, but there seems to be lots of small couple-man shops in the surrounding area (Main Line, Conshocken, etc.) Brandywine Global is Philly-based in the AM/MF space
I'm not in HF's but I know Philly pretty well. There aren't too many decent sized HF's in town that I know of. I know there are one or two in the Cira Center but I can't remember the names off the top of my head. As @ai215" said, there are a couple on the Main Line (look at Radnor), Conshie and Bala Cynwyd. There used to be a couple in King of Prussia also but that's going back 10+ years. Philly has a wage tax and some other stupid taxes and business fees so it's easier and cheaper to set up anything outside of the city ad since most guys setting up a fund most likely live on the Main Line anyway they're just going to set it up there to avoid taxes and a commute.
I know a few guys who grew up in the area or went to Wharton, worked at funds in NYC and made enough money and established track records, moved back to the Philly area and started funds but they're not big. They're kind of personal investment vehicles/lifestyle funds but have some outside money. You just have to search for those.
There's always SIG (Susquehanna) if you're a quant and want to trade but it's not really a hedge fund. There's a ton of more regular Asset Management and family office type of things in the Philly area but HF's are pretty light.
Logan Circle, an arm of Fortress, is notable. Not a true HF but not completely stodgy AM either.
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