Hedge funds led by Chris Hohn’s TCI and Ken Griffin’s Citadel cap bumper year for profits in 2023: LCH survey
- TCI Fund Management topped the rankings with a profit of US$12.9 billion, followed by Citadel at US$8.1 billion, according to estimates by LCH Investments
- The hedge fund industry globally recorded an overall profit of US$218 billion after fees

Billionaire money managers Chris Hohn and Ken Griffin led hedge funds to deliver one of the best years for clients in 2023.
The industry produced combined gains worth US$218 billion after fees, according to estimates by LCH Investments, a fund of hedge funds. Hohn’s TCI Fund Management made US$12.9 billion to top LCH’s rankings, followed by Citadel, which made US$8.1 billion.
The annual survey focuses on money managers with the most overall profits in absolute dollar terms since inception, and as a result the largest and oldest hedge funds typically tend to do best. The top 20 firms, which oversee less than a fifth of the industry’s assets, generated US$67 billion or roughly a third of the gains last year.
As measured by a more traditional way of assessing returns, the top grouping gained 10.5 per cent in 2023, outperforming the average hedge fund which returned 6.4 per cent. Over the past three years, the top 20 have generated 83 per cent of the absolute gains made by all hedge fund managers, the report found.

“In most cases this reflects an ability to limit the downside in adverse conditions and to make money when conditions are favourable, as they were toward the end of 2023,” Rick Sopher, chairman of LCH, said in a statement.