THE heads of the world's top hedge funds took home record pay cheques last year, as the hedge-fund sector rode high on the recovery from the global economic crisis, a magazine ranking showed.
The 25 chief executives of global financial heavyweights pocketed a total of $US25.33 billion ($27.62 billion), doubling their earnings from 2008, according to industry magazine AR Absolute Return+Alpha.
"The world may still be coming out of the Great Recession, but for the richest hedge fund managers, 2009 was the best year ever. And it couldn't have happened without the carnage of 2008," the magazine said.
Appaloosa Management chief David Tepper, who bet on the recovery of banks and the debt of bailed-out US insurer AIG, earned the biggest payouts with $US4 billion ($4.36 billion) in 2009, a record for the sector.
US financier George Soros, the head of Soros Fund Management, took the second spot with $US3.3 billion ($3.6 billion), followed by James Simmons of Renaissance Technologies with $US2.5 billion ($2.73 billion).
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
John Paulson, who held the previous record of $US3.7 billion ($4.03 billion) in 2007, was in fourth place last year with $US2.4 billion ($2.62 billion).
Steve Cohen of Sac Capital was the fifth-biggest earner last year with $US1.4 billion ($1.53 billion), according to the AR magazine list that was revealed by The New York Times.
The top 25 hedge fund managers had earned $US22.3 billion ($24.32 billion) in 2007 and their earnings fell steeply during the financial crisis in 2008 to $US11.6 billion ($12.65 billion).
The funds handled between $US1.2 trillion ($1.31 trillion) and $US1.3 trillion ($1.42 trillion) worldwide last year, compared to $US2 trillion ($2.18 trillion) before the crisis emerged in 2008.
Mortgage help is expandedEU presidency wants Greek aid decision
