The world’s top 25 hedge fund managers earned $13bn last year – more than the entire economies of Namibia, the Bahamas or Nicaragua. Kenneth Griffin, founder and chief executive of Citadel, and James Simons, founder and chairman of Renaissance Technologies, shared the top spot, taking home $1.7bn each – equivalent to the annual salaries of 112,000 people taking home the US federal minimum wage of $15,080. The earnings of the best-performing hedge fund managers, published by Institutional Investor’s Alpha magazine on Tuesday, dwarfs the pay of top Wall Street executives who have been under fire for their multimillion-dollar pay deals. The best paid banker last year was JPMorgan Chase CEO Jamie Dimon, who collected $27m. The huge pay at the top comes despite a tumultuous year on Wall Street that has led many well-known hedge funds to lose billions of dollars and others to close down. Daniel Loeb, CEO of Third Point, a hedge fund that manages $17.5bn, has … [Read more...] about Top 25 hedge fund managers earned $13bn in 2015 – more than some nations
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The top 25 US hedge fund managers earned more than $11bn last year – one of their worst-ever years. It might sound like a lot, but the collective $11.6bn taken home by the 25 leading (all male) hedge fund managers in 2014 was roughly half what they collected in 2013 and the lowest since the 2008 financial crisis. Institutional Investor’s Alpha magazine, which conducts the annual hedge fund pay survey, described the earnings as “paltry” despite their collective personal earnings being more than the gross domestic product of Nicaragua, Laos or Madagascar. “How bad was ?,” Alpha magazine said. “The 25 hedge fund managers on our 14th annual Rich List made a paltry $11.62bn combined, barely half of the $21.15bn the top 25 gained the previous year and roughly equal to what they took home during nightmarish 2008. “Harsh memories of the global financial crisis pervaded Wall Street in 2014 – at least, for the highest-earning hedge … [Read more...] about Poor guys: top US hedge fund managers earn $11bn in 2014, but worst in years
The Co-operative Bank lost 25,000 current account customers in the first half of the year amid uncertainty created by its race to raise £700m to bolster its capital position. Even so, the chief executive thanked customers for their loyalty as the bank reported a narrowing in its first-half losses to £135m, from £177m. Liam Coleman added that there had been uncertainty about the bank “and regrettably this is reflected in some customers deciding to move their accounts”. He said this was 2% of its current account customers and that the outflows had moderated during May and June. In total, deposits, from which the bank generates most of its funding, fell by £1.5bn from the end of December to £20.9bn. The bank has sought a long-term solution over its future since 2013 when its financial weakness was exposed, and it was mired in scandal after its former chair Paul Flowers was convicted for drug offences. It has amassed more than £2.6bn of losses … [Read more...] about Co-operative Bank sheds 25,000 current account customers but losses shrink
Democratic Party presidential candidate Wayne Messam on Wednesday signaled that he was ending his 2020 bid for the White House. 'I am suspending my 2020 presidential campaign,' Messam said in a Twitter post. Messam, 45, defeated a 16-year incumbent in 2015 to become the first black mayor of the Miami suburb of Miramar. He was re-elected in March. The son of Jamaican immigrants, Messam played on Florida State University's 1993 national championship football team and then started a construction business with his wife. As a candidate, he had pledged to focus on reducing gun violence, mitigating climate change and reducing student loan debt and the cost of healthcare. Messam has done little campaigning, however, and raised just $5 during the third quarter. Out: Wayne Messam is suspending his campaign after failing to make an impact in the packed field Farewell: Wayne Messam quits the 2020 race with a tweeted message The decision to drop out came on the day Joe Biden and other … [Read more...] about Another one bites the dust! Virtual unknown 2020 Democratic candidate Wayne Messam drops out of race (but that STILL leaves 17 running)
Even members of Britain’s highest-paid 1% don’t feel particularly well-off, according to a new study by the London School of Economics – because of comparisons they make with the 0.1% super-rich with whom they rub shoulders. “Due to the vast absolute difference among the 1%, top income earners experience ‘relative disadvantage’,” the report, A Relational Analysis of Top Incomes and Wealth, states. “They are disadvantaged compared to others at the top, while being aware of their advantage compared to the general population.” The study’s interviewees included five people with fortunes of more than £100m, and three people on the Sunday Times Rich List. A financial professional in the City of London said she did not feel her income was high compared with others working in finance in the capital – and that she would consider high income to be those “earning millions”. “That’s partly because I see … [Read more...] about Voices of the 1%: how do Britain’s highest earners feel about their income?