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Tepper hauls in $2.2 billion in 2012

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Yet another end-of-year hedge fund list has come out, and this one is from Forbes. It ranks the hedge fund managers who made the most money in 2012.

At the very top is David Tepper of Appaloosa Management, which made $2.2 billion. The rest of the top 10 includes Carl Icahn, Steven Cohen, James Simmons, George Soros, Ken Griffin, Ray Dalio, David Shaw, Leon Cooperman and Daniel Loeb. The personal earnings ranged from Tepper's take down to Loeb's take of $425 million.

Coming in at a respectable No. 17 was none other than John Paulson. That might surprise some as he was pilloried all year for the poor performance of his flagship funds. Indeed, they finished the year in the red.

Bloomberg reports that Paulson's other funds, "like Paulson Credit Opportunities and Paulson Partners, were up. According to an investor letter, the weighted average performance of all of Paulson's funds for 2012 was up 1% net of management fees (his funds could not charge performance fees in 2012) and more than 65% of the firm's assets were in positive territory last year. Because Paulson has such a huge personal stake in his funds, he made money with such a performance."

All in all, despite the big personal winnings at the top of the industry, it was a lackluster year for most hedge funds. The HFN Hedge Fund Aggregate Index rose 6.7 percent in 2012 vs. 16 percent for the Standard & Poor's 500. Despite the middling performance figures, the industry's AUM hit $2.6 trillion.

For more:
- here's the list

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