Despite most hedge fund managers fell short on the market’s returns last year, the top 25 highest-earning hedge fund managers in the U.S. pocketed a combined $US21.15 billion, according to an annual ranking by Institutional Investor’s Alpha magazine.
In fact, their multibillion-dollar payday is the highest since 2010, according to the report.
In the last five years, David Tepper, 56, founder of Appaloosa Management, has made the ‘Alpha’s Rich List’ and in the last two years he has topped it.
Known as a distressed investor who got his start investing in junk bonds, Tepper brought home $US3.5 billion in 2013.
Steven Cohen of SAC Capital Advisors and John Paulson of Paulson & Company came in 2nd with $US2.4 billion and $US2.3 billion, respectively.
The $US2.7 trillion hedge fund industry has sought billions of dollars from the wealthy as well as from pension funds and endowments. Last year, investors poured $US63.7 billion into hedge funds alone, according to DealBook.
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