Business Hedge fund boss makes more per hour than you do in a year By Carleton English May 30, 2018 | 4:54pm | Updated Hedge fund manager James Simons AFP/Getty Images More On: hedge funds Scaramucci's fund nears $30M South Korean investment Leon Cooperman rails against SEC after tense legal battle Exec groped employee, attacked her when she recorded him: suit Dan Loeb wants to raise $400M to target fintech Last year, hedge-fund tycoon James Simons made $194,000 — an hour, that is. The former math professor who heads Rennaissance Technologies earned $1.7 billion in 2017, making him the highest-earning hedge-fund manager for the third year straight, according to an annual survey by Institutional Investor’s Alpha magazine. Simons edged out Appaloosa Management’s David Tepper, who earlier this month shelled out $2.2 billion in cash to buy the Carolina Panthers. Tepper earned $1.5 billion in 2017 as his fund gained 13 percent, more than doubling his personal haul of $700 million in 2016. Doing the math, Tepper’s daily earnings work out to $4.1 million, or $171,000 an hour. In all, the top 25 highest-earning hedgies collectively made $15.4 billion last year, averaging more than $600 million each. That makes the compensation of CEOs like Goldman Sachs’ Lloyd Blankfein — who raked in $24 million last year — look like peanuts. Top hedgies last year got a 40-percent bump in their earnings, compared to the $11 billion they earned in 2016. Emboldened by surging corporate profits and optimism about Trump’s tax cuts, investors piled back into hedge funds in 2017, pouring in $30 billion after yanking more than $100 billion in 2016, according to eVestment. Collectively hedge funds gained 8.6 percent in 2017, according to the HFRI Fund Weighted Composite Index — up from 5.6 percent in 2016. The surge was in part due to the 21.8 percent gain in the S&P 500. Taking the third spot was Ken Griffin of Citadel, who earned $1.4 billion as the firm’s three main funds each posted gains of roughly 13 percent. A hedgie’s haul didn’t necessarily reflect his fund’s performance. Bridgewater Associates’ Ray Dalio grabbed the fourth spot on the list with earnings of $1.3 billion even though two of the firm’s funds delivered “anemic” returns of 1.2 percent, while its All Weather strategy fund gained 13.1 percent. Falling just short of hitting the billion-dollar mark at spot number five was Millennium Management’s Israel Englander, who earned $975 million last year. To arrive at the hedgies’ earnings, Institutional Investor calculates the manager’s gains on their own invested capital as well as their split of fee revenue — both management and performance fees. https://nypost.com/2018/05/30/hedge...urce=nypbusinesstwitter&utm_medium=SocialFlow