But it will most likely be Mr. Cohen's last time on the list, which tracks managers who invest outside money. As part of an agreement with the government last year to plead guilty to securities fraud violations and pay a record $1.2 billion penalty, SAC agreed to close its doors to outside investors and manage only Mr. Cohen's personal wealth. The firm has since changed its name to Point72 Asset Management.
A spokesman for Mr. Cohen declined to comment.
More remarkable than the size of the paychecks in 2013 were the multiples by which they have ballooned since Institutional Investor began collecting data on pay. During that period, the $2.7 trillion hedge fund industry has sought billions of dollars from the rich and from pension funds and endowments.
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George Soros, the investor whose $1 billion bet against the British pound is said to have broken the Bank of England in 1992, was the biggest earner in the survey's inaugural year, with $700 million in earnings, one-fifth of Mr. Tepper's paycheck in 2013.
Daring bets that bring investors huge gains have helped justify the high terms, but lackluster returns in recent years have drawn criticism from many in the investing community.
For most hedge fund clients, 2013 was disappointing. It was the fifth consecutive year that hedge funds fell short of stock market performance, with the average fund returning 9.1 percent, according to a composite index of 2,200 portfolios collected by HFR, a firm that tracks the industry.
By comparison, the Standard & Poor's 500-stock index soared 32.4 percent after accounting for dividends.
Some hedge fund titans took home large sums of money even as their investors were left with little to show, in large part because of the sheer size of the assets under management and the fees they charge.
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Raymond Dalio, the 64-year-old founder of the world's biggest hedge fund, Bridgewater Associates, earned $600 million. His funds gave investors returns of 3.5 percent to 5.3 percent. Mr. Dalio, whose views on the economy are closely watched, is alsoknown for his 123-page Bridgewater manifesto called "Principles," which espouses a Darwinian capitalism reminiscent of the works of Ayn Rand.
Mr. Dalio's spokeswoman declined to comment.
As technology stocks soared in 2013, one cluster of hedge funds called the Tiger Cubs and their founders reaped generous payouts. Named after the hedge fund giant Tiger Management, these firms are run by former protégés of its founder, Julian H. Robertson Jr. They include Robert Citrone, an ex-wrestler and founder of Discovery Capital Management, who made $475 million; John Griffin of Blue Ridge Capital, who brought in $470 million; O. Andreas Halvorsen of Viking Global Investors, who earned $450 million; and Stephen F. Mandel Jr. of Lone Pine Capital, who pulled in $450 million.
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But 2014 may not turn out to be as flush for some hedge fund managers. Since the start of the year, many of them have been dragged down by a market rout in the technology and biotechnology sectors.
Activist investors who buy stakes in companies to shake up management and change the business had a great 2013, as investors poured record levels of money into their funds.