Hedge fund mogul takes home €2.5bn pay packet

Hedge fund mogul David Tepper had a case of deja vu when he ranked as the best paid hedge fund manager for the second year running by earning $3.5bn (€2.5bn) in 2013 with a savvy bet on airline stocks.

Even though many hedge funds earned only lacklustre returns last year and sharply trailed the S&P 500’s 30% gain, it was a banner year for a small number of hedge fund managers, according to Institutional Investors’ Alpha’s 13th annual ranking of the industry’s best paid managers.

Mr Tepper, who runs Appaloosa Management, was followed in second place by Steven A. Cohen, who earned $2.4bn.