NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- James Simons, founder and chairman of Renaissance Technologies, took home $1.7 billion in 2017 to claim the No. 1 spot on the 17th edition of the Rich List, Institutional Investor’s annual ranking of the world’s top-earning hedge fund managers.
Simons leads the ranking for a third consecutive year and is the only individual to qualify for the Rich List every year it has been produced.
Appaloosa Management’s David Tepper ($1.5 billion), Citadel’s Kenneth Griffin ($1.4 billion), and Bridgewater Associates’ Raymond Dalio ($1.3 billion) follow Simons, making a total of four managers to earn upward of $1 billion in 2017. Millennium Management’s Israel (Izzy) Englander rounds out the top five, taking in $975 million last year.
The 25 top-earning hedge fund managers pulled in a combined $15.38 billion — an increase of nearly 40 percent from 2016, when the top 25 produced the lowest collective earnings since 2005. In 2017 hedge funds generated their best average performance since 2013. As a result, managers had to earn at least $225 million to land a spot in the top 25 this year, up from $130 million in 2016.
Altogether, 15 individuals from last year’s top-25 ranking qualified for the Rich List this year. The only new entrant to the ranking this year is Scott Shleifer, a partner at Chase Coleman’s Tiger Global Management who heads up the firm’s public equity business. Shleifer makes his Rich List debut at No. 20.
To calculate a manager’s earnings, Institutional Investor counts gains on individuals’ capital in their funds, as well as their share of the firms’ total fees. Many of the biggest firms still generate huge revenues from fees that far exceed their costs, allowing some managers to qualify for the Rich List. Only individuals at firms that manage money for outside clients are eligible for the Rich List.
The full 2018 Rich List, including manager profiles, can be viewed at www.institutionalinvestor.com
| The 2018 Rich List — Top Ten | |||||
| 1 | James Simons (Renaissance Technologies) | $1.7 billion | |||
| 2 | David Tepper (Appaloosa Management) | $1.5 billion | |||
| 3 | Kenneth Griffin (Citadel) | $1.4 billion | |||
| 4 | Ray Dalio (Bridgewater Associates) | $1.3 billion | |||
| 5 | Israel (Izzy) Englander (Millennium Management) | $975 million | |||
| 6 | Christopher Hohn (TCI Fund Management) | $775 million | |||
| 7 | Daniel Loeb (Third Point) | $625 million | |||
| 8 | Chase Coleman (Tiger Global Management) | $600 million | |||
| 8 | David Shaw (D.E. Shaw Group) | $600 million | |||
| 10 | John Overdeck (Two Sigma) | $570 million | |||
| 10 | David Siegel (Two Sigma) | $570 million | |||
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