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Book club: More Money Than God

Ricky Ghosh warms to some daring cash cultivators
Articles
Hedge fund

More Money Than God

Sebastian Mallaby

Bloomsbury, 2011

Hedge fund managers are the Liam Gallaghers of finance - the brash, some would say reckless, younger brothers who still somehow come out on top. Because of their unique "20+2" fee structure (a 2 per cent annual management fee and 20 per cent of any annual profit), top "hedgies" can earn vastly more in a year than even top bankers. And because hedge funds aim to beat both bull and bear markets, such pay packets are usually recession-proof. In 2008, one US manager, John Paulson, earned $3bn in the middle of the credit crunch (albeit from predicting it) while British hedgie Chris Hohn was allegedly the best-paid individual in UK that year, taking home an estimated


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