<ul class="summary-list"><li>Institutional Investor found the top 10 highest-earning hedge-fund managers made a combined $19 billion last year. </li><li>Renaissance Technologies founder <keyword id="12015486" type="UNKNOWN" weightage="60" keywordseo="james-simons" source="Orion">James Simons</keyword> made the most with $3.4 billion.</li></ul>The world's top 10 hedge-fund managers made a whopping $19 billion last year.According to an annual roundup from <a href="https://www.institutionalinvestor.com/article/b1x32qsnv8x91g/The-Rich-List-The-21st-Annual-Ranking-of-the-Highest-Earning-Hedge-Fund-Managers?utm_medium=email&amp;utm_campaign=The%20Essential%20II%20031022&amp;utm_content=The%20Essential%20II%20031022%20CID_699aef5b5d1c1c64c839bd0cd7f3eb58&amp;utm_source=CampaignMonitorEmail">Institutional Investor</a>, eight of the elite managers made at least a billion dollars. Topping the list was 83-year-old James Simons, the founder of Renaissance Technologies, who made $3.4 billion in 2021 thanks in part to his insider-only Medallion Fund that posted a 48% gain. He's made the list every year since its debut.In second place, with $3.1 billion in gains, was Millennium Management's <keyword id="13358537" type="UNKNOWN" weightage="60" keywordseo="israel-englander" source="Orion">Israel Englander</keyword>. Meanwhile, Citadel's <keyword id="12204684" type="UNKNOWN" weightage="60" keywordseo="ken-griffin" source="Orion">Ken Griffin</keyword> — who found himself taking heat from hoards of retail traders amid last year's meme-stock frenzy — took third place with $2.5 billion. <keyword id="13358538" type="UNKNOWN" weightage="60" keywordseo="christopher-hohn" source="Orion">Christopher Hohn</keyword>, of London-based TCI Fund Management, came in fourth with $2.2 billion. Institutional Investor has published the list for the last 21 years, and for the first time, <keyword id="13181844" type="UNKNOWN" weightage="60" keywordseo="karthik-sarma" source="Orion">Karthik Sarma</keyword> of SRS Investment Management, made the cut, taking fifth place with <a href="https://markets.businessinsider.com/news/funds/avis-stock-price-hedge-fund-manager-2-billion-sarma-car-2022-2">$2 billion</a> thanks to his bet on <a href="https://markets.businessinsider.com/stocks/car-stock">Avis Budget</a>, whose stock price soared last year when it got caught up in <a href="https://markets.businessinsider.com/news/stocks/meme-stock-avis-dow-jones-transportation-average-elon-musk-hertz-2021-11">meme-stock mania</a>. Taking the next three spots with at least $1 billion in gains was, in order, David Tepper of Appaloosa Management, Steven Cohen of Point72 Asset Management, and Daniel Sundheim of D1 Capital Partners. In the ninth- and 10th-place slots, with just under a billion dollars, was Third Point's Daniel Loeb and Bridgewater Associates' Ray Dalio, respectively. Institutional Investor found the top 25 hedge-fund managers made about $27 billion in total last year, which is the second-highest amount ever after 2020's record amount. The earnings are a reflection of the massive gains posted by broader indexes in the last few years. In 2021, the S&amp;P 500 jumped about 27%, and the year prior it rallied about 16%, according to data from <a href="https://www.macrotrends.net/2526/sp-500-historical-annual-returns">Macrotrends</a>.

Jim Simons and Ken Griffin are among the top 10 highest-earning hedge-fund managers according to Institutional Investor

<ul class="summary-list"><li>Alphabet investor TCI is urging the company to "go further" in cutting jobs and reducing spend.</li><li>A letter from TCI to CEO Sundar Pichai said "excessive employee compensation" should be addressed.</li></ul>A major Alphabet investor urged Google's parent to cut more jobs and reduce staff pay on the same day it announced it would lay off around 12,000 staff.The Children's Investment Fund Management <a href="https://www.tcifund.com/files/corporateengageement/alphabet/20th%20January%202023.pdf" target="_blank" rel="noopener">wrote a letter</a> to Alphabet and Google CEO Sundar Pichai on January 20 — the day Google announced <a href="https://www.businessinsider.com/google-layoffs-jobs-alphabet-work-employees-staff-sundar-pichai-2023-1">mass layoffs</a> affecting roughly 6% of its workforce — asking him to address "excessive employee compensation."The letter was signed by Christopher Hohn, the fund's <a href="https://ciff.org/team/chris-hohn/" target="_blank" rel="noopener">founder</a>, portfolio manager, and managing partner. Hohn called the decision to cut jobs a "step in the right direction," but said management still needed to "go further" to reduce headcount. Hohn, who has a net worth of $7.49 billion, according to <a href="https://www.bloomberg.com/billionaires/profiles/christopher-a-hohn/#xj4y7vzkg" target="_blank" rel="noopener">Bloomberg's billionaires index,</a> recommended the company cut its workforce to around 150,000 employees, which he said would require a headcount reduction of around 20%. At the end of the third quarter of 2022, <a href="https://abc.xyz/investor/static/pdf/2022Q3_alphabet_earnings_release.pdf?cache=4156e7f" target="_blank" rel="noopener">Alphabet employed 186,779 people.</a>The letter asked Alphabet's management to "take the opportunity to address excessive employee compensation.""The median salary at Alphabet in 2021 amounted to nearly $300,000, and the average salary is much higher," Hohn's letter continued."Competition for talent in the technology industry has fallen significantly allowing Alphabet to materially reduce compensation per employee."The London-based hedge fund has been a significant shareholder in Alphabet since 2017, it said in a separate <a href="https://www.tcifund.com/files/corporateengageement/alphabet/15th%20November%202022.pdf" target="_blank" rel="noopener">letter, </a>which was dated November 15 and also addressed to Pichai.The November letter, also signed by Hohn, said its shares in the company were worth more than $6 billion. It included similar comments to the January letter, and said Alphabet had too many employees.Representatives for Alphabet and TCI Fund Management did not respond to Insider's request for comment.

A major Alphabet investor said the company should cut even more jobs and address 'excessive' pay in the wake of mass layoffs

<ul class="summary-list"><li>Major Alphabet investor TCI sent a letter to Alphabet's CEO Sundar Pichai on Tuesday.</li><li>The letter urged the company to cut costs in part by reducing headcount and lowering compensation.</li></ul>TCI Fund Management, one of Alphabet's top investors, sent a letter to the company on Tuesday urging it to slash costs by reducing headcount, lowering worker compensation, and curbing losses in long term bets like Waymo, its self-driving car unit. The letter noted that "the cost base of Alphabet is too high and management needs to take aggressive action." The London-based hedge fund has been a major stakeholder in Alphabet since 2017, and said its total shares in the company stack up to $6 billion. Despite the scale of its investments in Alphabet, the Wall Street Journal <a href="https://www.wsj.com/articles/activist-investor-calls-on-google-parent-alphabet-to-slash-costs-11668528859">noted</a> that it is "rare for big technology companies to face campaigns from activists such as TCI."The letter was addressed directly to Alphabet's CEO Sundar Pichai from TCI's managing director, Christopher Hohn, who is known in institutional investment circles for his activism. <div type="image" title="Chris Hohn square" height="615" width="820" msid="95542073" hostid="261" sizebytes="17098"></div>Hohn noted that TCI was particularly concerned with how bloated Alphabet had gotten over the years. According to TCI's calculations, which were illustrated via color-coded graphs, the company's headcount has grown at a rate of 20% per year since 2017. Over that time, Alphabet's employees have more than doubled from just above 80,000 to close to 190,000. "The company has too many employees and the cost per employee is too high," Hohn advised. "It's a poorly kept secret in Silicon Valley that companies ranging from Google to Meta to Twitter to Uber could achieve similar levels of revenue with far fewer people," Hohn added, quoting Silicon Valley investor Brad Gerstner. He also noted that TCI had held conversations with former Alphabet executives. TCI was not only vexed by Alphabet's headcount, but also by the company's above-market compensation rates. Hohn pointed out that median compensation at Apple was 153% higher than the 20 largest listed companies in the country. "We acknowledge that Alphabet employs some of the most talented and brightest engineers, but these represent only a fraction of the employee base. Many employees are performing general sales, marketing and administrative jobs, which should be compensated in-line with other technology companies," Hohn wrote. Alphabet has announced that it would be <a href="https://www.businessinsider.com/alphabet-google-thousands-of-workers-added-cut-costs-hiring-freeze-2022-10">pulling back on hiring this year amidst increasing losses</a>. However, it has yet to join fellow tech giants like Meta, Twitter, and Amazon who have or are planning to institute massive layoffs this year. At the same time, Pichai has echoed TCI's sentiments on employee productivity. At an all-hands meeting in August, he <a href="https://www.businessinsider.com/google-productivity-sundar-pichai-improved-ceo-2022-8">reportedly told employees </a>that "there are real concerns that our productivity as a whole is not where it needs to be for the headcount we have."TCI concerns, however, extended beyond Alphabet's over-compensated and underperforming employees. The fund called for the company to reduce its losses in Other Bets, its division where it invests in early stage projects that have the potential to bring in big returns, like Waymo, biotech company Calico, and later-stage venture firm CapitalG. The payoff, however, has been underwhelming. In late October, the company <a href="https://www.businessinsider.com/alphabet-google-thousands-of-workers-added-cut-costs-hiring-freeze-2022-10">reported</a> $4.5 billion in losses from "Other Bets." TCI specifically pushed Alphabet to cull its investment in Waymo. "Unfortunately, enthusiasm for self-driving cars has collapsed and competitors have exited the market," Hohn wrote. "Waymo has not justified its excessive investment and its losses should be reduced dramatically."Alphabet did not immediately respond to Insider's request for a comment.

A top investor is now taking aim at Alphabet, saying it has too many employees, pays them too much, and it’s burning money on bad bets.

<ul><li>The bear market in stocks last year has opened up a new window for aggressive activist investors.</li><li>Once high-flying tech stocks and beloved brand names are subject to unfamiliar pressure from billionaire activists.</li><li>Marc Benioff of Salesforce and Bob Iger of Disney are the latest high-profile CEOs to face pressure.</li></ul><hr />The bear market in stocks that began in 2022 has <a href="https://www.businessinsider.com/activist-investor-campaign-surge-face-challenges-2022-12">sparked a new wave of activist investor campaigns</a> targeting the CEOs of major companies who were once thought untouchable.Bob Iger of <a href="https://markets.businessinsider.com/stocks/dis-stock">Disney</a> and <a href="https://markets.businessinsider.com/news/stocks/activist-investor-takes-multibillion-dollar-stake-in-salesforce-report-2023-1">Marc Benioff of Salesforce</a> are the latest high-profile bosses to face pressure from activist investors as shareholders feel the sting of underperforming stock prices.Nelson Peltz of the Trian Fund and Paul Singer of Elliott Management recently <a href="https://markets.businessinsider.com/news/stocks/peltz-fixates-on-$71bn-fox-deal-in-fight-against-disney-and-iger-12078266">launched activist investor campaigns against Disney</a> and <a href="https://markets.businessinsider.com/news/stocks/activist-investor-takes-multibillion-dollar-stake-in-salesforce-report-2023-1">Salesforce</a>, respectively.Even Google parent firm <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> has <a href="https://www.businessinsider.com/alphabet-investor-calls-on-company-to-cut-headcount-and-pay-2022-11">been targeted by hedge-fund billionaire Christopher Hohn</a> of TCI Fund Management for its steep underperformance relative to the broader tech sector.Activist campaigns targeting firms of this size and caliber are uncommon, but their struggling share price has painted a target on management's back. Shares of <a href="https://markets.businessinsider.com/stocks/crm-stock">Salesforce</a> have dropped more than 50% from their peak, while Disney and Alphabet are down 49% and 35% from their peaks, respectively. The <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> meanwhile is down 30% from its peak.It's those steep stock price declines that activist investors are using as a wedge in an attempt to win over shareholders and pressure management teams into gaining board seats or other concessions.At a glance, the campaigns seem to be working, as both Salesforce and Disney saw their stock prices move higher following the news of the activist investor campaigns. But in reality, given that much of the year-long stock price slump was driven by fast-rising interest rates and a flight to non-tech quality among investors, the activist investors still face an uphill battle in winning over shareholders and management teams. That was evidenced by <a href="https://www.sec.gov/Archives/edgar/data/1744489/000119312523008985/d333804ddefa14a.htm" target="_blank" rel="noopener">Disney's stinging rebuttal to Peltz's request</a> for a seat on its board of directors last week.Much of what these activist investors want from management teams is more discipline on spending and employee headcounts in order to drive a rebound in profit margins, which should ultimately help stage a recovery in the stock price. Hohn of TCI told Alphabet <a href="https://www.tcifund.com/files/corporateengageement/alphabet/20th%20January%202023.pdf" target="_blank" rel="noopener">in a letter last week</a> that its recent reduction of 12,000 employees, while a step in the right direction, doesn't go far enough. "Ultimately management will need to go further," Hohn said, adding that the company's median salary of $300,000 should also be reduced. At Salesforce, much of the criticism from investors has been towards high levels of stock based compensation and overpriced acquisitions, like their $28 billion buyout of Slack at the height of the COVID-19 pandemic. That's something that Elliott is likely to take aim at in its bid to help management stage a turnaround in the share price. And while Peltz has been confrontational in his bid to spark a turnaround at Disney, some activists are taking a different approach.Salesforce, for example, <a href="https://markets.businessinsider.com/news/stocks/activist-starboard-urges-salesforce-to-lift-margins-after-taking-stake-11808117">which also attracted Starboard Value as an investor last year</a>, may see a less abrasive public campaign from that activist targeting its operations. "We have developed a deep respect for [CEO Marc] Benioff and what he has built. We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Elliott managing partner Jesse Cohn <a href="https://twitter.com/jessecohn4/status/1617325129125756928" target="_blank" rel="noopener">said on Sunday.</a> According to <a href="https://www.businessinsider.com/activist-investor-campaign-surge-face-challenges-2022-12">data from Lazard,</a> there has been a 39% increase in activist campaigns over the past year as hedge funds take advantage of sagging stock prices, even among companies that were once viewed as untouchable due to their high profile CEOs and long years of success.Whether the activist campaigns succeed remains to be seen, but with some mega-cap tech stocks down more than 50% from their peaks, it would not be surprising to see more of these campaign waged over the management of the largest publicly traded firms.

Clash of the titans: Billionaire activist investors are putting pressure on top CEOs who were once thought untouchable

<ul class="summary-list"><li>A UK judge ordered Sheikh Mohammed of <keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword> to pay a $679 million divorce settlement to his ex-wife.</li><li>Princess Haya had filed for divorce in London, known as "the divorce capital of the world."</li></ul>When a British judge last year <a href="https://www.insider.com/princess-haya-wins-734m-settlement-divorce-sheikh-mohammed-flee-2021-12">ordered Sheikh Mohammed bin Rashid al-Maktoum</a>, the emir of Dubai, to pay a £554 million ($679 million) divorce settlement to his former wife, Princess Haya, it was believed to be the largest ever divorce settlement secured in the UK. It also reaffirmed London's status as the de facto "divorce capital of the world," at least for the rich and famous.The UK court system is indeed the go-to destination for wives of the super-wealthy looking to divorce, mainly due to a legal tradition which is more favorable than most to the financially weaker party. Multiple spouses have secured multi-million pound payouts — sometime amounting to 50% of their husband's assets — by taking advantage of the system which affords judges a huge amount of discretion. <div type="image" title="Queen Elizabeth II (R) and Princess Haya in Windsor, Berkshire." height="1000" width="2000" msid="88437908" hostid="261"></div>This is a result of the a landmark judgment in 2000 where the concept of the "equal sharing" of assets became the norm. The often-cited case — "<a href="https://www.stowefamilylaw.co.uk/blog/2009/12/29/white-v-white/">White v White</a>" — concerns Martin White and Pamela White, farmers from Somerset who filed for divorce in 1994.After years of wrangling, the court found that Mrs. White was entitled to 40% of the couple's £4.6 million ($5.6 million) assets, even though most of them were in Mr. White's name.While the couple were not super-rich, the precedent they set has had huge ramifications.In the case of the sheikh, believed to be a multi-billionaire, British Justice Philip Moor ruled in November 2021 that he must recompense his ex-wife Haya for her possessions, including: £13.6 million ($16.6 million) for Haya's jewelry; £1 million ($1.2 million) for haute-couture clothing; £1 million ($1.2 million) for cars; and £5 million ($6.1 million) for racehorses.Haya had sued for divorce and custody of her two children <a href="https://www.businessinsider.com/princess-haya-dubai-flees-husband-sheik-al-maktoum-2019-7?r=US&amp;IR=T">after escaping</a> to the UK in 2019.As Mark Harper, a divorce lawyer at Hughes Fowler Carruthers, <a href="https://www.theguardian.com/lifeandstyle/shortcuts/2015/feb/24/divorce-rich-husband-london-english-law">told The Guardian in 2015</a>: "If you're the person with the money then most people will move heaven and earth to avoid a divorce in England because the law is much more generous to, typically, the wife, the person without the money."<div type="image" title="uk high court royal courts of justice" height="642" width="1285" msid="88437910" hostid="261"></div>London has been the scene of some of the financial elite's messiest and most expensive divorces.In 2014, the British investor <a href="https://www.businessinsider.com/executive-pay-chris-hohn-pays-himself-270-million-2017-12?r=US&amp;IR=T">Sir Christopher Hohn</a> was told to pay £337 million — nearly half of his £700 million fortune — to his American wife, Jamie Cooper-Hohn.Even though Hohn earned the money himself, the court ruled that his business was conducted in "partnership" with his wife, <a href="https://www.telegraph.co.uk/news/uknews/law-and-order/11258436/Sir-Chris-Hohns-wife-awarded-337-million-in-divorce-cash-fight.html">The Daily Telegraph reported</a>.In 2017, the Russian oligarch <a href="https://uk.reuters.com/article/uk-britain-divorce-akhmedov/ex-wife-of-russian-billionaire-secures-first-sliver-of-572-mln-divorce-bill-idUKKBN1OC2NS">Farkhad Akhmedov was told to surrender £453 million</a> — about 40% of his fortune — to his wife Tatiana. And in an <a href="https://www.familylawweek.co.uk/site.aspx?i=ed115866">anonymous 2013 divorce case known as "M v M,"</a> a judge declared that 50% of a Russian man's £107 million fortune should go to his Russian ex-wife, who had filed for divorce in London. Ayesha Vardag, a divorce lawyer, told The Guardian that the UK is a fantastic jurisdiction for wives seeking divorce.She spoke to the newspaper after representing <a href="https://www.theguardian.com/business/2017/apr/06/laura-ashley-boss-to-pay-ex-wife-divorce-settlement-of-64m">Pauline Chai, a Malaysian model, in her divorce from the fashion tycoon Khoo Kay Pen</a>, a case in which Chai won £64 million.Vardag said: "The principle that there is no discrimination between breadwinner and homemaker is the cornerstone of why the English jurisdiction is seen as a particularly fair one for the financially weaker spouse."Lawyers for Khoo <a href="https://www.forbes.com/sites/ceciliarodriguez/2013/08/22/divorce-tourism-london-is-still-the-top-destination/#2f7c3107515c">told the court</a> that his case had enhanced "the ill-gotten reputation of this country for being the divorce capital of the world."Vardag, one of London's most revered divorce lawyers, <a href="https://time.com/5037316/britain-divorce-london-capital-ayesha-vardag/">told Time magazine</a> in 2018 that the reason so many wives have a legal argument for pursuing divorce in England is that London property is a prized asset for the super-rich.This means the couple has assets over which a UK court can exert authority.The UK court system is also favorable for the weaker party as longstanding pre-marriage assets — <a href="https://www.ramsdens.co.uk/blog/sharing-non-matrimonial-assets-rare-white-leopard">like inheritance or property bought before the wedding</a> — is treated the same way as assets gained after marriage. <a href="https://www.divorcenet.com/states/nationwide/property_division_by_state">This is not the case in many US states.</a>Haya and Mohammed separated in 2019 after he learned she was having affair with her British bodyguard, the court heard. She fled to the UK that year with her children after learning he was accused of imprisoning one of his other children, <a href="https://www.insider.com/princess-latifa-escape-dubai-friend-interview-2019-7">Princess Latifa</a>, because she tried to escape.

How London became the divorce capital of the world for the mega-rich

<img src="https://static-ssl.businessinsider.com/image/5e41bdc73b62b739006c8dca-2400/2019-04-30t184748z1063262938rc1f29cfcc70rtrmadp3milken-conference.jpg" alt="Ken Griffin" /><ul><li>A group of hedge funds soared past the sinking market to outperform their peers in February.</li><li>The month saw equities reach a record high on February 19 before tanking deep into correction territory the following week.</li><li>Hedge funds seek to post gains during both market jumps and declines, though not all firms outperformed through the chaotic month.</li><li>Here are three hedge fund giants that bested the S&amp;P 500 through February.</li><li><a href="https://www.businessinsider.com/">Visit the Business Insider homepage for more stories.</a></li></ul><hr />A small group of hedge funds bested February's slump and grew investor capital during the worst week for stocks since the financial crisis.The <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500 index</a> sank more than 8% by the end of last month, tumbling into correction territory after notching a record high as recently as February 19. The bearish shift drove new fears of global recession and prompted experts to lower their expectations for global growth as coronavirus tore into major economies.Many hedge funds aim to drive gains no matter which direction the broad market moves, yet not all firms grew investor capital through the volatile period. Ray Dalio's Pure Alpha II fund tumbled roughly the same amount as the S&amp;P 500, as did activist investor Christopher Hohn's Children's Investment Fund, according to <a href="https://www.bloomberg.com/news/articles/2020-03-04/billionaire-hohn-s-hedge-fund-slumps-8-8-as-virus-rocks-markets">Bloomberg</a>.Here are three hedge fund titans who significantly outperformed the ailing equities market through February. Bloomberg first reported on the hedge funds' February figures.

These 3 hedge fund giants dominated through February's steep coronavirus sell-off

<img src="https://static-ssl.businessinsider.com/image/5e2711e862fa81454e2ebe84-2000/2017-01-18t120000z1124840832lr1ed1i0p481rrtrmadp3davos-meeting.jpg" alt="ray dalio" /><ul><li>The 20 best-performing hedge fund managers of all time gained $59.3 billion in 2019 to post their best annual return in at least a decade, according to a report released Monday by LCH Investments.</li><li>TCI manager Christopher Hohn led his fund to a $8.4 billion windfall last year, the largest return among the group of 20.</li><li>The best-performers bagged about one-third of the $178 billion taken in by hedge funds in 2019, LCH said.</li><li>Most funds still underperformed equities as the US stock market soared through 2019. The <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> gained 29%, while the hedge fund industry saw a 9% gain in the same period, according to Bloomberg's Hedge Fund Indices.</li><li><a href="https://www.businessinsider.com/">Visit the Business Insider homepage for more stories.</a></li></ul><hr />The 20 best-performing hedge fund managers of all time gained $59.3 billion in 2019 to post their best annual return in at least a decade, according to an LCH Investments report released Monday.Funds enjoyed major gains from surging stock and bond markets through the past year. TCI manager Christopher Hohn led his fund to a $8.4 billion windfall, the largest among the group of 20. Steve Mandel, manager of Lone Pine, took second place with a $7.3 billion gain.The 20 best-performers bagged roughly one-third of the $178 billion taken in by hedge funds in 2019, according to the report.Though many hedge funds posted their best gains in years, most lagged behind investors who focused on the US stock market. The hedge fund sector notched a 9% gain in 2019, according to Bloomberg's Hedge Fund Indices, well below the S&amp;P 500's <a href="https://markets.businessinsider.com/news/stocks/sp-500-2019-annual-return-for-year-best-since-2013-2019-12-1028790061??utm_source=markets&amp;utm_medium=ingest">29% gain through the year</a>.Last year's gains mark "a significant improvement after several years of muted returns," LCH chairman Rick Sopher told the <a href="https://www.ft.com/content/81e074cc-3950-11ea-a6d3-9a26f8c3cba4">Financial Times</a>. The top 20 managers still posted moderate gains in 2018, though the hedge fund industry lost $41 billion of investor capital, the Times reported."The 'hedged' nature of hedge funds has resulted in them lagging way behind the returns of the equity markets in particular," Sopher added.TCI's leading gain in 2019 placed it at 14th on the list of top 20 managers after not making the cut in 2018.Ray Dalio's Bridgewater remained at the top spot despite its meager $600 million gain through the year. The fund holds $131.9 billion in assets under management, more than the next four best-performing funds combined.Caxton Associates and Two Sigma lost their spots in the top 20 last year, the Times reported. Egerton, led by John Armitage, was the second fund to make its way onto the list in 2019 after TCI.Lone Pine jumped from seventh to fourth place between 2018 and 2019, the biggest jump among funds included in the list across both years.The hedge fund sector continued to shrink through 2019 despite the healthy returns. The industry <a href="https://markets.businessinsider.com/news/stocks/hedge-fund-industry-performance-more-closures-than-openings-5th-year-2019-12-1028788132">saw more closures than openings for the fifth year in a row</a> in 2019 as lofty fees and soaring stocks drove investors to other vehicles. Major players including David Tepper's Appaloosa and Louis Bacon's Moore Capital converted into family offices in 2019.Appaloosa took 10th place on LCH's list, while Moore Capital sank to 19th from 15th in 2019.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/currencies/news/central-banks-join-study-issuing-digital-currencies-ecb-boe-japan-2020-1-1028832417">Central banks band together to consider issuing their own digital currencies</a><a href="https://markets.businessinsider.com/news/stocks/highest-valued-public-companies-apple-aramco-biggest-market-cap-2020-1-1028827570">Alphabet's soaring stock just pushed it above a $1 trillion market cap. Here are the 11 highest-valued public companies.</a><a href="https://www.businessinsider.com/next-stock-market-crash-profit-growth-corporate-inequality-risk-socgen-2020-1">The stock market's biggest driver of gains is rapidly losing steam. One market expert lays out why it spells doom for investors, and how to safeguard your portfolio.</a>

The world's top 20 hedge fund managers posted their biggest gains of the decade in 2019 - and returned $59.3 billion to their investors

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ad05c93146e7123008b47dc-1300/rtx401q5.jpg" border="0" alt="The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017." data-mce-source="REUTERS/Toby Melville" data-mce-caption="The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZPJYWMUG&amp;SMLS=1&amp;RW=1440&amp;RH=716#/SearchResult&amp;VBID=2C0BXZPJYWMUG&amp;SMLS=1&amp;RW=1440&amp;RH=716&amp;POPUPPN=21&amp;POPUPIID=2C0BF1SEDURDO" /><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZPJYWMUG&amp;SMLS=1&amp;RW=1440&amp;RH=716#/SearchResult&amp;VBID=2C0BXZPJYWMUG&amp;SMLS=1&amp;RW=1440&amp;RH=716&amp;POPUPPN=21&amp;POPUPIID=2C0BF1SEDURDO">REUTERS/Toby Melville</a>The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017.</div></div></div><ul><li>Former Goldman Sachs banker David Schwimmer is taking up the role of London Stock Exchange CEO in August.</li><li>He replaces Xavier Rolet, who left last November amid a shareholder battle.</li></ul><hr /> LONDON - David Schwimmer - no not that one - is the new CEO of the London Stock Exchange.The LSE <a href="https://www.lseg.com/resources/media-centre/press-releases/london-stock-exchange-group-appoints-david-schwimmer-chief-executive-officer">announced on Friday</a> that former Goldman Sachs banker Schwimmer, 49, will take up the role at the start of August.Schwimmer, who shares a name with the actor who played Ross from Friends, spent 20 years at Goldman, most recently as global head of market structure and global head the investment bank's of metals and mining division.Schwimmer also served as chief of staff to Goldman CEO Lloyd Blankfein when Blankfein was COO at the bank and Schwimmer has spent time in Moscow.LSE chairman Donald Brydon said in a statement: "David is a leader with great experience in the financial market infrastructure sector, which he has been closely involved in throughout his investment banking career, as well as capital markets experience in both developed and emerging markets.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ad05d28146e712b008b47d4-1500/dschwimmer photo.jpg" border="0" alt="David Schwimmer" data-mce-source="London Stock Exchange" data-mce-caption="David Schwimmer." />London Stock ExchangeDavid Schwimmer.</div></div></div>Brydon praised Schwimmer's "robust intellect" and said he was chosen after a "comprehensive global search." Investors are relatively unmoved by his appointment: <a href="http://markets.businessinsider.com/stocks/london_stock_exchange-stock">LSE shares are up just 0.24% after 25 minutes of trading in London.</a>Schwimmer called the job is an "honour and a privilege" and said: "Having worked with exchanges and other market infrastructure companies for much of the past 20 years, I have been impressed by its strong track record of partnering with customers to deliver innovative solutions."LSEG has multiple opportunities for further attractive growth across its market-leading capital formation, information services and post-trade businesses. I look forward to working alongside the Group's highly capable management team to continue to deliver value for its customers, employees and shareholders."Schwimmer takes over from David Warren, who was serving as the interim chief executive after <a href="http://uk.businessinsider.com/london-stock-exchange-ceo-xavier-rolet-leave-with-immediate-effect-chairman-donald-brydon-out-shareholder-battle-2017-11">the controversial exit of long-standing CEO Xavier Rolet last year.</a>LSE first <a href="http://uk.businessinsider.com/r-update-1-lse-ceo-rolet-to-step-down-by-end-of-2018-2017-10">announced in late October that Rolet planned to step down</a> as CEO by December 2018. Sir Christopher Hohn, the CEO of major LSE investor The Children's Investment (TCI) Fund, became suspicious when Rolet said he couldn't answer questions as to why he had decided to leave.Hohn then <a href="http://uk.businessinsider.com/r-activist-tci-calls-on-lse-chairman-to-step-down-says-rolet-being-forced-out-2017-11">alleged that LSE chairman Donald Brydon was trying to force Rolet out</a>, claiming Brydon was using a threat to publish a dossier on Rolet's behaviour as leverage. Hohn, whose TCI Fund owns 5% of LSE, called for a shareholder vote on firing Brydon and keeping Rolet in position.Rolet eventually left <a href="http://uk.businessinsider.com/london-stock-exchange-ceo-xavier-rolet-leave-with-immediate-effect-chairman-donald-brydon-out-shareholder-battle-2017-11">"with immediate effect" in late November after "unwelcome publicity."</a> Brydon said he would step down as chair in 2019 after a new CEO was found.Schwimmer will receive a salary of £775,000 ($1.1 million), plus a bonus of up to 225%. He will also receive a long-term incentive plan of 300% of his salary that will span a five-year period, as well as a cash allowance equivalent to 15% of his salary in lieu of pension, unspecified relocation and housing allowances, and just over £1 million next March in lieu of payments he would have received from his former employer.Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/earnings-growth-can-rescue-stocks-from-trade-war-disaster-2018-3">There's only one thing that can rescue stocks from a trade war disaster</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/RfC2dV3d-xjRU7l6Z.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

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