Poor hedge fund managers, 2011 has been a rough year for them. Their pay is down 35% relative to 2010. All the top hedge fund managers made in 2011 is a piddly $14.4 billion. I guess that they are going to have to cut back on their private jets, mansions, Ferraris and $100,000 bottles of champagne.
The highest paid fund manager of 2011 was Ray Dalio of Bridgewater Associates. He made a paltry $3.9 billion which pales in comparison to John Paulson’s $4.9 billion in 2010. But poor John Paulson didn’t even make the list of highest paid hedge fund managers this year, since performance of his funds were horrendous in 2011.
GreenwichTime.com had this to say about Bridgewater:
Bridgewater, which manages $70 billion of hedge fund assets, uses a macro strategy to try to profit from economic trends. It profited last year by predicting global economic headwinds would trigger a flight by other investors to safer assets such as U.S. Treasuries and German bunds. Dalio, 62, has earned $8 billion over the past two years, AR Magazine said.
Number two (or in other words the first loser) on the list was Carl Icahn who made a minuscule $2.5 billion. How is he going to get by on such a small sum of money?
GreenwichTime.com says this about Icahn:
Icahn, who returned all outside money in his hedge funds to clients last April, profited from his investment in El Paso Corp. after Kinder Morgan Inc. agreed to buy the natural gas pipeline company.
Number three on the list, I won’t even mention his name but his fund is Renaissance Technologies. He only made $2.1 billion. Such a small sum of money hardly deserves a mention. I mean what can $2.1 billion buy these days?