Many of the world’s most powerful hedge fund managers are gathering under one roof this fall for the much-anticipated “Delivering Alpha” conference in Manhattan, presented by CNBC and Institutional Investor magazine. The hot topic on the agenda — apart from emerging markets, credit yields, and commodities futures — will be to see who’s really delivering alpha.

The metric used to measure a portfolio manager’s added value — “Alpha” — is also a way for managers to size each other up. Alpha is all about outperforming your benchmark, be it the volatile stock market, or simply returns on cash.

With the industry not what it once was — less leverage and more SEC involvement — delivering alpha is now considered the exception rather than the norm. Hedge funds are up just 1.2% year-to-date through July, according to Hedge Fund Research, lagging the S&P’s roughly 6.5% gain through July.

Many of the conference attendees are considered industry icons for outperforming their peers. Click ahead to see the Hedge Fund elite, and how much they’re managing.

Note: Assets Under Management, AUM are reported as of end of Q2, 2011 (6/30/2011)

By Jennifer Leigh Parker
Posted 12 September 2011

Founder,Saba Capital Management
AUM: $3.3 billion
Strategy: Credit Arbitrage
Launch Date: 2009
Headquarters: New York City

Alma Mater
BA in Philosophy – University of Michigan

Reputed Master Chess Player
Former Deutsche Bank Trader

Chairman and CEO, Omega Advisors
AUM: $6 billion
Strategy: Long-Short Equity
Launch Date: 1991
Headquarters: New York City

Alma Mater
BA - Hunter College
MBA - Columbia University

Founder, Harbinger Capital Investments
AUM: $6.1 billion
Core Strategies: Event Driven; Distressed/Bankruptcy
Launch Date: 2001
Headquarters: New York City

Alma Mater
BA, Economics – Harvard University

President and Founder, Kynikos Associates
AUM: $6.5 billion
Strategy: EH – Short Only and Long-Short
Launch Date: 1985
Headquarters: New York City

Alma Mater
BA – Yale University

Symphony Asset Management
AUM: $8.9 billion
Strategy: Five hedge funds managed using Long-Short Credit, Convertible Arbitrage, Credit Opportunities, Equity Market Neutral, Equity Long-Short
Launch Date: 1994
Headquarters: San Francisco, CA

Alma Mater
BA — Applied Mathematics and Economics from Harvard University
MBA — Kellogg School of Management at Northwestern University

Founder and CEO, Pershing Square Capital Management
AUM: $9 Billion
Strategy: Managing three Equity Hedge-Fundamental Value Funds
Launch Date: 2004
Headquarters: New York City

Alma Mater
BA — Harvard College, Magna Cum Laude
MBA — Harvard Business School

President and CEO, Marathon Asset Management
AUM: $10 billion
Strategy: Global Credit
Launch Date:1998
Headquarters: New York City

Alma Mater
BA in Economics — Tulane University

Chairman and CEO of Avenue Capital
AUM: $12.4 billion
Strategy: Event-Driven – Distressed Debt
Launch Date: 1995
Headquarters: New York City

Alma Mater
BA — History, Clark University
J.D. — New York Law School

Senior Managing Member, Farallon Capital Management
AUM: $20 billion
Strategy: Undisclosed
Launch Date: 1986
Headquarters: San Francisco, CA

Alma Mater
BA in Economics & Political Science, Yale University
MBA — Stanford’s Graduate School of Business

Co-Founder and Partner, GLG Partners
AUM: $23 billion
Strategy: 68 funds invested in equity, macro, emerging markets, credit, and convertible bond and strategies
Launch Date: 1995
Headquarters: London

Alma Mater:
MA — Engineering at Solvay Business School, Brussels

Chairman and CEO, BlackRock
Hedge Fund AUM: $25 billion
Total Firm AUM: $3.6 Trillion
Strategy: 30 Funds, Multi-Strategy
Launch Date: 1988
Headquarters: New York City

Alma Mater
BA — Political Science, UCLA, class of 1974
MBA — Concentration in real estate, UCLA

Principal and Co-Chairman, Fortress Investment Group
Hedge Fund AUM: $12.7 billion
Total Firm AUM: $43.8 billion
Strategies: 11 hedge funds – dedicated to Global Macro, Commodities and Asia Macro. 4 hedge funds are dedicated to Distressed Credit Strategies
Launch Date: 1998
Headquarters: New York City

Alma Mater
B.A. — Princeton University
M.B.A. — Wharton School of Business

CEO, Blackstone Marketable Alternative Asset Management
AUM: $37.2 billion
Strategy: Multi-Strat
Launch Date: 1990
Headquarters: New York City

Alma Mater:
Undergrad — Harvard College
MBA — Harvard Business School

Managing and Founding Principal, AQR Capital Management
AUM: $40 billion
Strategy: Multi-Strat
Launch Date: 1998
Headquarters: Greenwich, CT

Alma Mater
BS in Economics — Wharton School
BS in Engineering — Moore School of Electrical Engineering
MBA and a Ph.D. in Finance from the University of Chicago