WEST PALM BEACH, FL (HEDGECO.NET) – A new survey conducted by the Institutional Investor�s Alpha has named George Soros as the highest paid hedge fund manager in the world. According to the survey,George Soros, owner of the New York based Soros Fund Management, earned an estimated $750 million in 2003.
David Tepper of Chatham, New Jersey-based Appaloosa Management, was ranked in the second position with earnings of $510 million in 2003. James Simons of Renaissance Technologies Corp. in East Setauket, New York, was placed in the 3rd position with an estimated earning of $500 million for 2003 as well.
According to the survey, Soros regained the highest paid position last year from Bruce Kovner of New York-based Caxton Associates, who was ranked the highest paid hedge fund manager in 2002 by Alpha magazine. Kovner tied for the fifth position in the latest survey with Steven Cohen of SAC Capital Advisors in Stamford, Connecticut. Both managers had total earnings of $350 million each, according to Alpha. The fourth position went to Edward Lampert of ESL Investments in Greenwich, Connecticut. Mr. Lampert took in total earnings of $420 million in 2003.
Hedge fund managers earn a certain percentage of the total money made by their funds during a particular period. From these earnings one can easily see why the hedge fund industry has attracted so much interest from not only traditional money managers who are increasingly defecting to the hedge fund arena, but also the government regulators, bent on modifying the industry.
According to Alpha, the lowest paid hedge fund manager in the list of 25 included in the survey was paid $65 million during the year of 2003. The median income of the 25 managers in the survey was $207 million during the same year. Other managers placed in the top 10 position include, Paul Tudor Jones II, of Tudor Investment Corp, with earnings of $300 million, Kenneth Griffin of Citadel Investment Group, with $230 million, while Daniel Och, OCH-ZIFF Capital Management Group, and Leon Cooperman of Omega Advisors, made $150 million and $145 million respectively.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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