Not everyone in the hedge fund industry gets paid like David Tepper. In fact, no one gets paid as well as the Appaloosa Management chief, who earned $4 billion last year. But industry executives do well enough, according to a new survey.
The average hedge fund CEO took home more than $1 million more last year than they did in 2008, according to AR magazine. A middling CEO earned $2.62 million in total compensation last year.
Chief investment officers did almost as well, taking home an average of $2.61 million. That’s more than four times as much as they earned in 2008.
"The many billions of dollars the top hedge funds control generate fees that can be spent on talent, and managers are ready to open their checkbooks and hire and retain the best people," Michelle Celarier, AR’s editor, said. "Last year was a stellar year for hedge funds, and as long as that continues, the employees will continue to have big paydays."
The survey also shows that risk managers and compliance officers had a banner 2009.
Last year was also a record year for the top 25 individual hedge fund managers, who earned a total of $25 billion, according to AR's annual Rich List, which was published last month.