James Simons, founder of Renaissance Technologies Corp, which uses mathematical models to invest across various markets, became the highest earning hedge fund manager last year after he took home $2.5bn (€1.85bn), an annual earnings survey has found.

According to industry publication Alpha, the average earnings for the world's best-paid 25 hedge fund managers last year were $464m. However three of the four best-paid managers earned less last year than they did in 2007, as the troubled industry registered its worst recorded losses and redemptions.