Absolute Return magazine published its list of the 25 richest hedge fund managers - based on 2011 earnings.  Once again, total compensation for the top hedge fund managers dwarfed the compensation packages taken home by the of the world's largest investment & commercial banks. Interesting Statistics. Fund performance was, in some cases, weaker than user.  Eleven of the 25 hedge fund managers on AR's 11th annual Rich List ranking delivered single-digit investment gains in their funds.  That meant that the large size of their funds - assets under management - generated significant amounts of (1%) management fees - that typically are expected to cover little more than operating costs.  The much ballyhooed 20% performance fees were relatively insignificant. As a group, the 25 highest-earning hedge fund managers took home a combined $14.4 billion last year - down from more than $22 billion in 2010, and the lowest sum in 3 years.  The median earner made $235 million, down from $400 million in 2010 and $500 million in 2009, while the average earner reaped $576 million, down from $883 million in 2010 and nearly half the $1.1 billion average in 2009.  Still, the total rose 24% from 2008. Eight (8) newcomers made the list in 2011: Greg Jensen and Robert Prince of Bridgewater; Peter Brown and Robert Mercer of Renaissance; Paul Singer of Elliott Management; Jeffrey Ubben of ValueAct Capital; Phillippe Laffont of Coatue Management; and Boaz Weinstein of Saba Capital Management. Fifteen (15) individuals on the 2010 list could not repeat in 2011, including: George Soros, who returned outside capital in 2011; Caxton Associates founder Bruce Kovner, who just missed making the list, having earned close to $100 million; and John Paulson - the top hedge fund money earner one year ago after making a Rich List record of $4.9 billion in 2010. And the Big Cheese Was: Bridgewater Associates founder Raymond Dalio tops this year’s list with a $3.9 billion payday for 2011. Bridgewater is now the largest hedge fund in the world, with some $70 billion in hedge fund assets under management (and $120 billion in total assets).  In the past 2 years, Mr. Dalio, 63, has made $7 billion. This story - including the profiles of the top 6 managers, can be found in a separate posting in:  [WHO'S News]. Click for the referenced story:  [CNBC, 3/30/12].