Edited by: TJVNews.com
Although the year 2020 will be remembered as one of the most challenging years in modern history, there were some folks who will remember the year that ushered in a new decade with pure delight.
And that delight is reserved for a rarified bunch known as billionaire hedge fund managers. Despite a year that saw the nation endure lockdowns, economic calamities, a record number of deaths due to Covid as well as political and social upheavals, the “fat cats” walked off with substantially more of the green stuff in their wallets.
According to a New York Post report, “the top 15 hedge fund managers added a whopping $23.2 billion to their already extensive personal fortunes amid a stock market rally fueled by rock-bottom interest rates.” This information was compiled by Bloomberg.
According to the Bloomberg Billionaires Index, the hedge fund manager who took a high ranking place on the list of those who made a fortune in the past year was Chase Coleman of Tiger Global Management. He pocketed a nifty $3 billion to add to his eye popping fortune.
The 45-year old Coleman apparently invested in stocks like Zoom and Peleton; two companies that saw their profits soar through the proverbial roof during Covid. Bloomberg reported that that the return for Coleman’s investors were 48 percent.
While that resulted in substantial fees, according to the Post report, the majority of his gains were from a personal stake in his fund, the news agency said.
Bloomberg Billionaires Index, made mention of the fact that there was someone out there in hedge fund land who actually topped Coleman in terms of money earned in 2020.
Michael Platt, a trader based in the UK raked in a staggering $5 billion smackers. The Post report indicated that Platt was omitted from the list of the richest hedge fund managers because his company, Bluecrest Capital Management no longer manages money for outside investors. Bloomberg noted that last year the company earned 95 percent.
Taking the number two spot on the hedge fund manager list was former NSA codebreaker and MIT math professor Jim Simons, according to the Post report. His company, known as Renaissance Technologies brought in an impressive $2.6 billion.
The post reported that he windfall comes despite loses in three RenTech funds that have resulted in a reported $5 billion in investor redemptions since Dec. 1. In January, Simons, 82, announced that he stepped down from the chairman role at RenTech at the beginning of 2021, according to the Post report.
Following Simons on the big money list was Izzy Englander of Millennium who raked in $2.2 billion. Then comes Lone Pine’s Steven Mandel at $1.8 billion; Citadel’s Ken Griffin at $1.8 billion, Coutue’s Phillipe Laffont at $1.7 billion and Point72 founder-turned-New York Mets owner Steve Cohen, who pulled in about $1.7 billion for 2020, according to the Post report.
Posting the biggest return of the year was Bill Ackman’s Pershing Square at 83 percent, putting him at number 9 on the list.
No. 9 on the list was Bill Ackman, whose Pershing Square also posted the biggest return of the year at 83 percent. According to Bloomberg, Ackman, launched a $4 billion blank-check company last year and walked off with a cool $1.3 billion.
Others who walked away with a few extra pennies in their pocket included Daniel Sundheim of D1 Partners, who made $1.1 billion; Andreas Halvorsen of Viking Global who made $923 million and Gabe Plotkin of Melvin Capital who earned a reported $846 million, as was reported by the Post.
