Tuesday, 23 September 2014
Last updated 2 hours ago
Feb 27 2014 | 12:54pm ET
George Soros hasn’t managed a hedge fund in two years, and has even stepped back from running his family office. But he still made more than any other hedge fund manager last year.
Soros took home $4 billion, in 2013, according to Forbes magazine’s annual ranking of highest-earning hedge fund managers. The 83-year-old easily topped 2012's highest earner, David Tepper of Appaloosa Management, who earned $3.5 billion last year.
Last year was SAC Capital Advisors founder Steven Cohen’s last as a hedge fund manager—SAC has returned outside capital as part of an insider-trading settlement—and he made it count, earning $2.3 billion, $1 billion more than in 2012. Paulson & Co.’s John Paulson was fourth at $1.9 billion and Carl Icahn fifth at $1.7 billion. Renaissance Technologies’ James Simons, like Soros a retired hedge fund manager, rounded out the six who made at least $1 billion with $1.1 billion in earnings last year.
All told, the 25 highest-earning hedge fund managers last year combined to make $24.3 billion—in spite of sub-par returns for the industry in 2013.
Bridgewater Associates founder Ray Dalio and Citadel Investment Group’s Kenneth Griffin each made $900 million last year, Glenview Capital Management’s Larry Robbins $750 million and Omega Advisors’ Leon Cooperman $730 million.
Forbes' Highest-Paid Hedge Fund Managers 2013
|1||George Soros||Soros Fund Management||$4.0 billion|
|2||David Tepper||Appaloosa Management||$3.5 billion|
|3||Steven Cohen||SAC Capital Advisors||$2.3 billion|
|4||John Paulson||Paulson & Co.||$1.9 billion|
|5||Carl Icahn||Icahn Associates||$1.7 billion|
|6||James Simons||Renaissance Technologies||$1.1 billion|
|7||Ray Dalio||Bridgewater Associates||$900 million|
|7||Kenneth Griffin||Citadel Investment Group||$900 million|
|9||Larry Robbins||Glenview Capital Management||$750 million|
|10||Leon Cooperman||Omega Advisors||$730 million|
|11||Paul Tudor Jones||Tudor Investment Corp.||$700 million|
|10||Daniel Loeb||Third Point||$700 million|
|13||Andreas Halvorsen||Viking Global Investors||$560 million|
|14||Edward Lampert||ESL Investments||$500 million|
|14||Stephen Mandel||Lone Pine Capital||$500 million|
|16||Nelson Peltz||Trian Fund Management||$430 million|
|17||Daniel Och||Och-Ziff Capital Management||$400 million|
|18||Israel Englander||Millennium Management||$380 million|
|18||Christopher Hohn||The Children's Investment Fund||$380 million|
|20||Robert Citrone||Discovery Capital Management||$350 million|
|20||James Dinan||York Capital Management||$350 million|
|20||David Einhorn||Greenlight Capital||$350 million|
|20||Seth Klarman||Baupost Group||$350 million|
|24||Chase Coleman||Tiger Global Management||$280 million|
|24||Marc Lasry||Avenue Capital Ground||$280 million|
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.