“Of the top 25 earners of 2010, 15 did not make this year’s list [of highest paid hedge fund managers]. Among them: Appaloosa’s David Tepper, whose Palomino fund fell 3.33 percent, and Edward Lampert of ESL Partners, which plunged 12 percent on big losses from Sears Holdings. Mr. Tepper did not respond to requests for comment. A spokesman for ESL declined to comment. Mr. Paulson — the $5 billion manager in 2010 — failed to make the list this time. One of his largest funds lost more than 50 percent, after bets on the economic recovery soured. A spokesman for Paulson declined to comment.” [Dealbook, AR, related: "Mr. Tepper keeps a brass replica of a pair of testicles in a prominent spot on his desk...He rubs the gift for luck during the trading day."]
paychecks
In an effort to strike a balance between being competitive and responsible, Bob Diamond will only receive 6.3 million pounds ($10 million) for his work in 2011, down from $9 million in 2010. Technically, his total package amounts to 17 million pounds ($26.9 million), but that includes stuff from previous years. [Reuters]
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Hedge Funds
The Second-Highest Paid Hedge Fund Manager Of The Year Smoked The Competition From Retirement
By Bess Levin
In 2010, the 10 best paid hedge fund managers made a combined $17.53 billion. To score a place on the list, you had to earn at least $440 million. 2011? The group took home a collective pool of $10.15 billion (down 42 percent) and a mere $210 million got you access to the VIP lounge. So, lots to reflect on today re: how game can be upped this year, whether it’s by coming into work and acting like you actually want it, increasing fees to 5&75, or passing the on the burden of staff salaries to investors. Something else to think about? The fact that Uncle Jim Simons beat all you fools for a second place finish and technically doesn’t even have a job. (Bridgewater Mentor Ray Dalio also did okay for himself.) Read more »
Those ranked 11-25 on AR Magazine’s annual paycheck list. Read more »
Almost exactly a year ago, if you happened to be walking down East 67th Street toward Fifth Avenue, you probably stopped to peer through the window of a certain $49 million townhouse. Specifically the one belonging to Phil Falcone. There, a piano playing pig name Wilbur was pulling out all the stops (“Memory” from Cats, his infamous Bette Midler), in celebration of his boss making AR Magazine‘s annual list of the 25 highest paid managers, having taken home $825 million in 2009. The good spirits and the gin were running high that night and the party didn’t stop ’til the early hours of the morning. This year, things will be different. The lights will be dimmed and Wilbur will be in his room, digging out the cocktail napkin with the number of the hedge fund manager he’d met last summer in Connecticut. He told himself he wasn’t going to do anything with it but…things have changed. Read more »
10. Paul Tudor Jones (Tudor Investment Corp): 440 million
9. George Soros (Soros Fund Management): 450 million
8. Bruce Kovner (Caxton Associates): 640 million
7. Carl Icahn (Icahn Management): 900 million
6. Eddie Lampert (ESL Investments): 1.1 billion
5. Steve Cohen (SAC Capital): 1.3 billion
4. David Tepper: 2.2 billion
3. Jim Simons (Renaissance Technologies): 2.5 billion
2. Ray Dalio (Bridgewater Associates): 3.1 billion
1. John Paulson (Paulson and Co): 4.9 billion
Best Paid Hedge Fund Managers [AR Magazine]
From Citi’s latest 8-K, which Vikula is going to have framed and hung in his office: Read more »
Nothing to get too excited about but if he’s staying true to his September resolution, probably means you get a house! and you get a house! and you get a house! [Daily Mail]
Broker dealer Lighthouse Financial Group, which includes prime brokerage unit Lighthouse Prime Services, has ceased trading, a source close to the firm tells FINalternatives. The New York-based firm has reportedly been unable to make payroll for weeks, and today it informed clients that they could no longer place trades through the firm—they could only sell assets. A different source close to the firm says that Lighthouse is in talks with a boutique firm that has eyes on becoming a much larger player and is making a bid for all of the divisions, and an announcement could come as early as this afternoon.
The Perks Of Being A Blankfein Child Working At Goldman Are Not Necessarily Reflected In One’s Paycheck?
By Bess LevinIt’s already been widely reported that Lloyd Blankfein’s son Jonathan will join the the other vampires at Goldman Sachs this summer, after he graduates from Harvard. LB’s older son Alexander (Harvard ’08) already works there, having made it through the a very rigorous interview process that lasted 57 rounds until everyone was sure this kid had what it takes. How much did Alex make last year? According to Goldman’s recent filing with the SEC, $155,000. Which…isn’t really that much? Or at least not enough to claim nepotism? Unless of course the other first years in “cross asset sales” took home much less, in which case, do it. GET ANGRY. Otherwise this doesn’t really seem like a perk, so much as pretty standard pay at GS. Having Lucas vP maintaining your Facebook page, that’s a perk. Viniar securing your dinner reservations: perk. Gary Cohn teaching you how to play airplane in the C-suite and personally rotating your golden scrot, this is a perk (kidding, he does this for everyone). $155,000? Eh? Read more »
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