頂級對衝基金經理去年收入大漲

The world’s 25 best-paid hedge fund managers took home a combined $21.1bn, 50 per cent more than in 2012, as surging equity markets helped them to one of their highest earning years since the financial crisis.

全球收入最高的25位對衝基金經理去年收入合計211億美元，較2012年增長50%。股市向好，令2013年成爲自金融危機以來他們收入最高的年份之一。

At a time when rising inequality and corporate pay is generating increasing debate on both sides of the Atlantic, David Tepper, the founder of the US hedge fund Appaloosa Management, was the world’s highest earning hedge fund manager last year. He took home $3.5bn and topped the list for a second consecutive year after wagering on the recovery of the US airline industry, according to the annual survey by Institutional Investor’s Alpha magazine published yesterday.

這些數據來自《機構投資者》雜誌(Institutional Investor)《阿爾法》專刊(Alpha)昨日公佈的年度調查結果。就在此際，收入不平等狀況的加劇以及公司薪酬的不斷上漲，正在大西洋兩岸引發更多辯論。調查顯示，美國對衝基金Appaloosa Management創始人大衛•泰珀(David Tepper)成爲去年全球收入最高的對衝基金經理，去年收入高達35億美元，連續第二年蟬聯榜首，這得益於他此前押注於美國航空業的復甦。

Steven Cohen, founder of SAC Capital, was the second highest earning hedge fund manager, in a year when his firm was forced to pay a record $1.8bn fine to settle an insider trading case and close his fund to outside investors.

SAC資本(SAC Capital)創始人史蒂文•科恩(Steven Cohen)名列第二。而在去年，他的公司被迫支出創紀錄的18億美元罰金以了結一宗內幕交易訴訟，並向外部投資者關閉其基金。

Mr Cohen, who typically charges his investors performance fees of 50 per cent of all profits, made $2.4bn last year.

科恩去年收入24億美元。他的收入大多來自向投資者收取的佔全部利潤50%的績效費。

Since devoting itself solely to managing Mr Cohen’s personal fortune, SAC Capital has changed its name to Point72 Asset Management.

自去年訴訟以來，SAC資本已更名爲Point72 Asset Management，專門負責管理科恩的個人財產。

The survey only includes managers that are open to outside investment, so he is likely to drop off future lists.

《機構投資者》的這項調查僅針對向外部投資開放的對衝基金的經理。因此，科恩可能會從未來的榜單中消失。

The third highest hedge fund earner was John Paulson, who made his name successfully betting against the US housing bubble. He took home $2.3bn as large bets on financial stocks helped his Paulson & Co’s Recovery Fund surge 63 per cent last year.

曾經因成功押注於美國房地產泡沫破裂而一舉成名的約翰•保爾森(John Paulson)位居季軍。他的收入爲23億美元，其公司Paulson & Co旗下的復甦基金(Recovery Fund)因大規模投注金融類股票，去年飆漲63%。

While the top managers sharply increased their earnings in 2013, most hedge funds did not manage to beat the wider market. Last year US equities rose more than 32 per cent, but the average hedge fund returned 9 per cent, according to an analysis of funds by the data provider Hedge Fund Research.

儘管收入最高的對衝基金經理去年的收入大幅增加，但多數對衝基金未能成功跑贏大盤。根據數據供應商對衝基金研究公司(Hedge Fund Research)的分析，去年，美國股市上漲逾32%，而對衝基金平均回報率爲9%。

Hedge funds typically adopt a fee structure known as “two and 20”, or 2 per cent of all assets under management and 20 per cent of profits, meaning managers can earn large sums regardless of their fund’s performance.

對衝基金一般採用“2加20”的費率結構，即收費爲管理資產總額的2%以及利潤的20%。這意味着不管基金表現如何，基金經理都能斬獲鉅額收入。

Institutional Investor’s Alpha calculates the earnings based on what fees the hedge fund charges its investors, which can vary from fund to fund, and also based on the stake managers hold in the management company that earns the fees.

《機構投資者》的《阿爾法》專刊是根據對衝基金向投資者收取的費率計算收入的，而各家基金的費率各有不同，同時還根據基金經理在賺取收費的管理公司持有的股權計算收入。

While he has not actively managed money for many years Jim Simons, the motorbike-riding code breaker who founded the computer-based trading fund Renaissance Technologies, came in at fourth on the list, earning $2.3bn, due to his control over its management company.

榜單上排名第四的是電腦化交易基金復興科技公司(Renaissance Technologies)的創始人吉姆•西蒙斯(Jim Simons)，他曾是一位騎摩托車的密碼破譯員。儘管多年來他都沒有積極管理資金，但由於他在公司的控股權，去年收入23億美元。

Other top 10 earners included Dan Loeb, the activist investor famed for penning aggressive letters against corporate managers that attract his ire, who earned $700m last year, placing him ninth on the list, and Ray Dalio, founder of Bridgewater, the world’s largest hedge fund by assets, who made $600m in a year where his funds failed to break double-digit returns.

其他排在前10位的對衝基金經理還包括，以措辭激烈地致信給激怒他的企業管理者而聞名的維權投資者丹•勒布(Dan Loeb)，他去年賺得7億美元收入，位居榜單第9位。全球資產規模最高的對衝基金Bridgewater的創始人雷•戴利奧(Ray Dalio)去年獲得6億美元收入，而他的基金未能在去年取得兩位數的回報率。

Paulson & Co and Mr Tepper declined to comment. Other hedge fund managers named could not be reached for comment.

Paulson & Co和泰珀拒絕置評。記者未能聯繫到其他文中提到的對衝基金經理髮表評論。