Hedge Fund Managers' Pay Suffered In 2014

Managing a hedge fund just isn't what it used to be.

The 25 highest-paid fund managers last year earned barely half what they made in 2013, according to an annual compilation by Institutional Investor's Alpha website.

"The average earnings were just $467 million last year, down from $846 million in 2013," according to the site.

More than half of the 25 top earners on the list posted single-digit gains for their funds, underperforming the S&P 500's 13.7 percent return, according to the report.

Top 10 on the list:

1. Kenneth Griffin, founder and CEO of Chicago-­based Citadel; $1.3 billion in fees and gains on his own capital.
2. James Simons, founder of East Setauket, New York–based Renaissance Technologies; $1.2 billion in earnings.
3. Raymond Dalio, founder of Westport, Connecticut-based Bridgewater Associates; a paycheck of $1.1 billion.
4. Pershing Square Capital Management's Bill Ackman, ranked fourth with $950 million.
5. Israel Englander, Millennium Management; $900 million.
6. Michael Platt, BlueCrest Capital Management; $800 million.
7. Larry Robbins, Glenview Capital Management; $570 million.
8. David Shaw, D.E. Shaw Group; $530 million
9. O. Andreas Halvorsen, Viking Global Investors; $450 million.
10. Charles Coleman III, Tiger Global Management; $425 million.