Hedge funds just finished one of their worst years in recent memory — but their high-paid managers are doing just fine.
Some 39 hedge-fund managers made Forbes' just-released billionaire list for 2014. Hedge funds, on average, returned just 2 percent last year, their worst performance since 2011, according to Bloomberg data.
Ray Dalio, who runs Bridgewater, the world's biggest hedge fund with more than $100 billion in assets, topped the list of active hedgies, with a net worth of $15.2 billion, despite returns on his various funds of between 3 and 8 percent.
John Paulson, whose hedge funds were some of the worst performing in 2014, came in next, with $13.7 billion. Two of his funds lost 17 and 22 percent.
Several top managers, including George Soros, with $24 billion, have retired from the hedge funds that made them rich and famous.
Steve Cohen was forced to shut his hedge fund down and become a family office after an insider-trading scandal, but he still ranked fifth in the group, with $10.3 billion.
Bill Ackman made the biggest leap last year, after his Pershing Square hedge fund earned 37 percent. He doubled his net worth to $2.7 billion. That makes Ackman, at 48, the wealthiest hedge-fund billionaire for his age still in the business.
Ackman jumped ahead of rival Dan Loeb, who had one of his worst years since the crash of 2008. Loeb's Third Point gained just 6 percent in 2014, leaving him with a mere $2.3 billion.
Another surprise: Paul Singer, whose $24 billion Elliott Management hedge fund is one of the longest running in the business, has only amassed $1.9 billion since he started in 1977. His long-running battle with Argentina is still unresolved, depriving him of a big windfall last year.
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