Hedge Fund Partner Earns $33.5 Million For a Year While Losing Almost 10% of Fund Money

A hedge fund paid its top partner millions of dollars the same year that it posted losses for its clients. Bloomberg News reports that the hedge fund, Clive Capital LLP, paid the top partner $33.5 million for the 12 months before last February.

The three hedge fund partners--Chris Levett, Richard Boland and Elizabeth Holstein--earned $39.2 million. But the hedge fund “declined 8.8 percent last year and 10 percent in 2011,” Bloomberg reports, a common story for commodity funds in recent years. Sources told Bloomberg that “the firm’s assets under management have fallen by $600 million this year to $1.35 billion at the end of March.”

“The fact that a manager can lose money and get paid so handsomely illustrates the ‘heads I win, tails you lose’ structure of hedge-fund fees,” Simon Lack, a hedge fund expert, told Bloomberg.

In total, Levett is worth $382 million, according to the Sunday Times.


Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.