Rentech? Made in excess of 70% for nearly two decades (before incentive fees). Much of that time with >$1B in AUM.
there's the $6b tax scam... there's always talks about the main fund being nothing more than a glorified hft market maker... is rentech a correct example...
tax issue is not related to how much they can earn from market. I don't even consider there is tax for almost anything in global market, just US market likes to charge their own people money. He did find a way to make tax earning become income earning or something like that, I consider that is smart.