Institutional Investor’s Alpha magazine came out with its annual list of the highest paid hedge fund managers today and if you were hoping the bask in the reflected glow of a staggeringly humongous pile of money, you'll be sorely disappointed. This year's haul is more like that pile of lose change you keep on your dresser drawer alongside pocket lint and receipts you're too lazy to just throw out.
How bad was it? The 25 hedge fund managers on our 14th annual Rich List made a paltry $11.62 billion combined, barely half of the $21.15 billion the top 25 gained the previous year and roughly equal to what they book home during nightmarish 2008. The average earnings were just $467 million last year, down from $846 million in 2013, while the median earner made $400 million, down from $465 million the previous year.
What's more, to crack the Top 25 one only needed to take home a mere $175 million and to clock in at number one? $1.3 billion versus last year's $3.5 billion. Herewith, the sorry state of affairs:
25. Jeffrey Ubben, ValueAct Capital Management, $175 million
10. Charles (Chase) Coleman III, Tiger Global Management, $425 million
9. O. Andreas Halvorsen, Viking Global Investors, $450 million
8. David Shaw, DE Shaw Group, $530 million
7. Larry Robbins, Glenview Capital Management, $570 million
6. Michael Platt, BlueCrest Capital Management, $800 million
5. Israel (Izzy) Englander, Millenium Management, $900 million
4. William Ackman, Pershing Square Capital Management, $950 million
3. Raymond Dalio, Bridgewater Associates, $1.1 billion
2. James Simons, Renaissance Technologies, $1.2 billion
1. Kenneth Griffin Citadel, $1.3 billion
The one shining spot here is that the second best paid manager, once again, is retired guy Jim Simons.