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The 25 managers on the list made a mere $11.62 billion, which was only a bit more than half of what last year's group pulled in.

Pity David Tepper.

The noted hedge fund manager and richest guy in the hedge industry for three years running, got knocked off his perch in 2014.

Tepper, the head of Appaloosa Management, tumbled all the way to 11th on Institutional Investors Alpha's Rich List, after making a mere $400 million last year, which represented just a 2.2 percent gain for his firm, the worst of anyone in the rankings.

Taking over the top spot this year was Citadel's Ken Griffin, who raked in $1.3 billion in fees and earnings on his capital.

In total, it was a rough year for hedge fund industry honchos. The 25 managers on the list made a mere $11.62 billion, which was only a bit more than half of what last year's group pulled in. Average earnings were only $467 million, tumbling from 2013's lofty $846 million, according to Alpha .

The list:

Ken Griffin, Citadel - $1.3 billion

James Simons, Renaissance - $1.2 billion

Ray Dalio, Bridgewater - $1.1 billion

Bill Ackman, Pershing Square - $950 million

Izzy Englander, Millennium - $900 million

Michael Platt, Bluecrest - $800 million

Larry Robbins, Glenview - $570 million

David Shaw, D.E. Shaw - $530 million

O. Andreas Halvorsen, Viking Global - $450 million

Charles (Chase) Coleman, Tiger Global - $425 million

Source: Institutional Investors Alpha

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