London hedge fund has very average year, raises pay to $314k anyway
The heap of reports published this week by London’s hedge funds have been very mixed. Some funds did rather well, and some did rather poorly. But some hedge funds did neither well nor poorly. Some funds just did… Average.
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Results were released this week for London-based hedge fund Cheyne Capital Management’s main two legal entities, Cheyne Capital Management (UK) LLP and Cheyne Capital Management Limited from the period ending 31 March 2025. They were blisteringly average. The firm’s revenue increased by just over 5%, from £95m ($136m) to £101m ($128m). Operating profit nudged downward, from £38.9m ($52.6m) to £38.7m ($52.2m).
The number of employees and members (UK legal jargon for partners in a partnership – in a hedge fund, these are usually portfolio managers) was also relatively static. The firm had 108 employees at the end of March 2024, and 112 at the end of March 2025. The number of members went from 27 to 25.
The average pay for each member was quite flat, going from £1.5m to £1.6m. Nonetheless, there was one bright spot, even if it was a rather dim one. Average pay for the firm’s employees went from £211k ($285k) to £232k ($314k) across the two periods. It’s a 10% increase – not exactly huge – but given the single digit increases everywhere else, it’s nothing to sniff at.
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