The riches available to hedge fund managers may still be in the realm of those enjoyed by Russian oligarchs and oil sheikhs, but 2011 was a diminished year for the industry’s elite as funds struggled with volatile markets.
The average hedge fund lost money for investors last year, and the pay of the 25 richest managers dropped by more than a third, from $22bn to $14.4bn, according to Absolute Return magazine.
“Hedge fund managers are paid high fees to deliver positive absolute returns, regardless of the direction of the markets,” says Michael Peltz, editor of both AR and Institutional Investor magazines. “In 2011, the majority of managers failed to do that.”
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