Wednesday, 28 January 2015
Last updated 28 min ago
Mar 24 2009 | 2:00am ET
Amidst the populist uproar about taxpayer-funded bonuses at insurer American International Group, here’s a tidbit bound to bring a smile to the faces of schadenfreudicts: Hedge funders made a lot less money last year.
The average total compensation for hedge fund professionals fell 15.5% in 2008, and the average cash bonus fell 24%, according to Alpha magazine.
Alpha’s third-annual hedge fund compensation report found that the average total compensation for all hedge fund professionals fell from $940,000 in 2007 to $794,000 last year. Worse still for hedgies, a quick rebound seems altogether unlikely.
“A third of this industry is going away and not coming back,” John Pierson, CEO of search firm 10X Partners, said.
Alpha polled 800 professionals at almost 550 hedge funds in 30 countries.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…