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4. Kenneth Griffin

Earned: $700 Million
Firm: Citadel
AUM: $11 billion

Citadel’s multi-strategy funds Kensington Global Strategies and Wellington — which account for the bulk of the Chicago-based firm's $11 billion in assets — netted gains of more than 20 percent in 2011, finally overcoming the 55 percent they lost in 2008. The fact that the funds are above the high-water mark means that Citadel can start charging performance fees again.

Although Kensington and Wellington were profitable across all strategies, they were said to have done especially well in equities, energy and convertibles. Also, the Citadel Global Equities Fund was up more than 21 percent in 2011.

Photo: Jonathan Alcorn | Bloomberg | Getty Images