In a bad year for hedge funds, top 25 managers earned $11.62 billion in 2014
Last year wasn't great for investors in hedge funds: On average, hedge funds returned a paltry 3 percent, versus a gain of 13.68 percent on the S&P 500 (with reinvested dividends included), The New York Times reports. Only five of the top 10 hedge fund managers, as ranked by Institutional Investor's Alpha, performed better than the S&P 500. But even though the well-heeled and institutional investors in hedge funds got hosed, The Times notes, "for those who managed their money, the pay was spectacular": $11.62 billion for the top 25 managers.
Or as Alpha puts it, they 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 took home during nightmarish 2008." Citadel's Kenneth Griffin (pictured) was the top earner, at $1.3 billion last year, but the average earning was "just $476 million," not the $846 billion in 2013, Alpha added. And you may now take out your tiny violins.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Post Office's Capture software to be reviewed over 'glitches'
Speed Read Solicitor representing accused postmasters says flaws in the IT system follow 'very similar pattern' to Horizon
By Arion McNicoll, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published