驚異のヘッジファンドトレーダー達(2)

以前もヘッジファンドマネジャーの年収について触れたが、2004年の情報が出ている以下の記事がロンドンのヘッジファンド友達から送られてきた。日本でも今年の最高納税者はヘッジファンドマネジャーで推定年収100億円などと報じられているらしいが、グローバルにはなんと1000億円以上稼いだ人がいるらしい！しかもこのトップのLambert氏はまだ42歳。彼の経歴がここに少し紹介されているが、イェール大卒業後、ゴールドマンサックスのリスクアービトラージチームに入り、26歳で早くも今のファンドを自分で立上げ、28歳の時にはブッシュ大統領とプロ野球チームTexas Rangersの共同オーナーになっていたというのだ。トップ25名のヘッジファンドマネジャーの平均年収は約250億円。アメリカの大手500社の事業会社のCEOの年収が平均約10億円だったと書かれているが、死ぬほど稼いでいる人がヘッジファンドの世界で去年よりも更に増えているということを示している。

いくつかの興味深い点が指摘できるが、一つはトップのLampert氏の投資手法は通常のヘッジファンド以上にプロアクティブな投資スタイルだと言うことだ。米大手スーパーKmartが倒産したときから投資しておりその後の再建、そしてSearsとの合併で大儲けしている。Kmart時代は取締役、現在はSearsの会長にも就いている。投資対象会社への関与の仕方が通常のヘッジファンドというより買収ファンドとの間ぐらいの積極的な姿勢で応じている。もう一つ、ヘッジファンドの人間の年収が、固定給料ではなくパフォーマンスに応じてというのは当然だが、その取り方がハンパ無いことである。以下の記事によると一般的に運用資産の1%を手数料としてまず取り、その上実現したリターンの20％をもらうというのである。3番目に上げられているJames Simons氏のファンドの場合、手数料がまず5％で、リターンの44％をもらうという。ほぼ半分のリターンは自分達の懐に入る勘定だ。これは大手投資銀行の自己勘定取引では考えられない報酬体系だ。やはり自分のファンドを持っている人々が、ある種起業家として究極のハイリスク・ハイリターンを追求できているのだろう。

このLampert氏の投資手法、Sears/Kmart案件の変遷について誰かまとめて教えてくれませんか!?


Lampert Is Top-Paid Hedge Fund Manager in 2004 Survey

By David Clarke
May 27 (Bloomberg) -- Edward Lampert, who took control of Kmart
Holding Corp. and oversaw its purchase of Sears, Roebuck & Co., was the
best-paid hedge fund manager last year, according to a survey in
Institutional Investor's Alpha Magazine.
The 42-year-old chairman of Greenwich, Connecticut-based ESL
Investments Inc. earned $1 billion from fees and investments, the
magazine said. The average income for the 25 best-paid managers was $251
million, up 21 percent from a year before.
``Never before have so few made so much so fast,'' Institutional
Investor said in the report on its Web site. By comparison, the average
income for a chief executive of the largest 500 companies in the U.S.
was $10 million, it said.
The report suggests that the incomes of hedge fund managers are
rising as performance wanes. London-based Man Group Plc, the world's
largest hedge fund company, said yesterday it was still attracting cash
from investors, as 11 of its largest funds fell by an average 0.95
percent during the year ended March 31.
Hedge funds, which cater to institutions and people with at least
$1 million to invest, tend to charge the highest fees in the asset
management industry, taking 20 percent of any investment gain, plus 1
percent of assets under management.
The growth in the average pay for the top 25 earners slowed from
2003, when it rose 88 percent.

Kmart Gain

Lampert, a Yale economics graduate, moved up from fourth place by
getting more than double the $420 million he made in 2003. Sears
Holdings Corp., the company created by the Kmart purchase and where
Lampert is now chairman, said last month it would ``substantially
reduce'' jobs at its headquarters.
The holding in Kmart more than tripled in value last year, while
his ESL fund gained 69 percent, the report said.
``The biggest earners tended to do well both because they had lots
of their own capital in their funds and because they achieved great
performance,'' Institutional Investor said.
George Soros, 74, topped the list in 2003 with earnings of $750
million and dropped to sixth place last year after taking $305 million,
the report said. The Hungarian-born billionaire, who rose to prominence
by betting against the British pound in 1992, last year spent some of
his money campaigning against the re-election of President George W.
Bush.

Simons, Kovner

Following Lampert in second place was James Simons of Renaissance
Technologies Corp., who made $670 million last year after his Medallion
fund gained 25 percent, the report said.
Simons, 67, came third in 2003 after earning $500 million. His fund
charges 5 percent for managing the funds and 44 percent of any
investment gains, Institutional Investor said
Bruce Kovner, 60, chairman of Caxton Associates LLC, ranked third
in the list, earning $550 million. Kovner was the biggest earner in
2002, according to Institutional Investor.
Steven Cohen, 48, who was joint fifth on the list in 2003 with
Kovner after earning $350 million, moved up to fourth place with $450
million, the report said. Cohen runs the $6 billion hedge fund SAC
Capital Advisors LLC.
Below is a table of the 10 hedge fund managers with the highest
pay, according to Institutional Investor.

T*
1. Edward Lampert $1.02 billion ESL Investments
2. James Simons $670 million Renaissance Technologies
3. Bruce Kovner $550 million Caxton Associates
4. Steven Cohen $450 million SAC Capital Advisors
5. David Tepper $420 million Appaloosa Management
6. George Soros $305 million Soros Fund Management
7. Paul Tudor Jones $300 million Tudor Investment
8. Kenneth Griffin $240 million Citadel Investment
9. Raymond Dalio $225 million Bridgewater Associates
10. Israel Englander $205 million Millennium Partners

T*

--Editor: Jefferson

Story illustration: See http://www.institutionalinvestor.com for the
magazine's Web site.