Thursday, 24 July 2014
Last updated 6 hours ago
Mar 11 2010 | 1:10pm ET
George Soros remains the richest alternative investments titan in the world, according to Forbes magazine’s latest roster of billionaires.
The Soros Fund Management founder is $3 billion richer than he was last year, good enough for 35th place on the Forbes list, which is topped this year by Carlos Slim Helú, the Mexican cell phone billionaire. Slim’s $53.5 billion make him the first person from a developing nation to be named the world’s richest man.
All told, there are 1,101 billionaires this year, up from 793 last year but falling short of the 2008 list’s 1,125. Of them, 46 have ties to the alternative investments industry, and 21 are hedge fund billionaires.
Two other hedge fund managers join Soros in the ten-figure club. Paulson & Co.’s John Paulson—who wasn’t even on the billionaires list three years ago—is the 45th-richest man in the world with $12 billion, doubling his fortune from a year ago. Buyout legend Carl Icahn is 59th with $10.5 billion, up from $9 billion.
Just two other hedge fund managers make the top 200: Newly-retired Renaissance Technologies founder James Simons with $8.5 billion (80th place) and SAC Capital Advisors’ Steven Cohen with $6.4 billion (113th).
The richest private equity executives are the Blackstone Group’s Stephen Schwarzman, at 171st place with $4.7 billion, and KKR founder Henry Kravis at 201st place with $4.2 billion.
Two alternative investment billionaires became mere millionaires over the past year. John Henry, the J.W. Henry & Co. founder and Boston Red Sox owner, no longer makes the cut. The other notable absence has even bigger problems: Galleon Group founder Raj Rajaratnam, 559th on the list last year with $1.3 billion, faces nearly two centuries in prison if he is convicted of insider-trading charges.
There are new faces on the list as well. London’s hedge fund community did particularly well in that respect, with both Brevan Howard Asset Management’s Alan Howard (536th place with $1.8 billion) and CQS founder Michael Hintze (880th place with $1.1 billion) joining the exclusive club.
According to Forbes, the 21 hedge fund managers on the list collectively run $370 billion, some one-fifth of the world’s hedge fund assets. The magazine also posits a reason for their personal success: Their hedge funds returned, on average, 34% last year. The average fund netted closer to 20%.
Alternative Investment Billionaires
|rank||billionaire||alternatives firm||net worth (billions)|
|35||George Soros||Soros Fund Management||$14.0|
|45||John Paulson||Paulson & Co.||$12.0|
|59||Carl Icahn||Icahn Associates||$10.5|
|80||James Simons||Renaissance Technologies||$8.5|
|113||Steven Cohen||SAC Capital Advisors||$6.4|
|171||Stephen Schwarzman||The Blackstone Group||$4.7|
|212||John Arnold||Centaurus Energy||$4.0|
|212||Ray Dalio||Bridgewater Associates||$4.0|
|212||Daniel Ziff||Och-Ziff Capital Management||$4.0|
|212||Dirk Ziff||Och-Ziff Capital Management||$4.0|
|212||Robert Ziff||Och-Ziff Capital Management||$4.0|
|237||Samuel Zell||Equity Group Investments||$3.8|
|258||Bruce Kovner||Caxton Associates||$3.5|
|258||David Tepper||Appaloosa Management||$3.5|
|287||Daniel Och||Och-Ziff Capital Management||$3.3|
|297||Paul Tudor Jones II||Tudor Investment Corp.||$3.2|
|316||Edward Lampert||ESL Investments||$3.0|
|354||Stanley Druckenmiller||Duquesne Capital Management||$2.8|
|374||Leon Black||Apollo Management||$2.5|
|374||William Conway||The Carlyle Group||$2.5|
|374||Daniel D'Aniello||The Carlyle Group||$2.5|
|374||David Rubenstein||The Carlyle Group||$2.5|
|374||David Shaw||D.E. Shaw Group||$2.5|
|437||Tom Gores||Platinum Equity||$2.5|
|437||Julian Robertson||Tiger Management||$2.2|
|488||Philip Falcone||Harbinger Capital Management||$2.0|
|488||Kenneth Griffin||Citadel Investment Group||$2.0|
|488||Peter Peterson||The Blackstone Group||$2.0|
|536||Alan Howard||Brevan Howard Asset Management||$1.8|
|556||Wilbur Ross||WL Ross & Co.||$1.8|
|582||Israel Englander||Millennium Partners||$1.7|
|616||Alec Gores||Gores Group||$1.6|
|655||Louis Bacon||Moore Capital Management||$1.5|
|655||Leon Cooperman||Omega Advisors||$1.5|
|655||James Dinan||York Capital Management||$1.5|
|655||Stephen Mandel||Lone Pine Capital||$1.5|
|721||Marc Lasry||Avenue Capital Management||$1.4|
|773||Glenn Dubin||Highbridge Capital Management||$1.3|
|828||Thomas Lee||Lee Equity Partners||$1.2|
|880||Theodore Forstmann||Forstmann Little||$1.1|
|880||T. Boone Pickens||BP Capital||$1.1|
|880||Henry Swieca||Highbridge Capital Management||$1.1|
Source: Forbes magazine
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…