The 20 best-performing hedge fund managers of all time made $63.5bn for investors during the coronavirus-driven market turmoil in 2020, making it the industry’s best year of gains in a decade.

Despite a tough 12 months for US giants Bridgewater Associates and Renaissance Technologies, the gains highlight how some of the industry’s biggest names were able to navigate last year’s volatility, in which the S&P 500 posted its fastest descent into a bear market.

The top managers, led by funds including Chase Coleman’s Tiger Global and Izzy Englander’s Millennium Management, made half of the overall hedge fund industry’s gains last year, according to research by LCH Investments — a fund of hedge funds run by the Edmond de Rothschild Group.

Many were able to profit from opportunities thrown up in March’s sell-off and the subsequent huge rally in risky assets. In 2019, the top 20 managers made around one-third of the overall industry’s gains.

But Element Capital, one of the largest macro hedge funds, has warned that investors and policymakers are failing to grasp how deeply the new coronavirus variant will damage the European economy. (FT)

Chart showing UK vaccine procurement strategies showing doses US, UK and EU vaccine portfolios

After a month in hospital, FT critic Tim Hayward reflects on his battle with coronavirus. Follow our live blog for the latest Covid-19 news.

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Biden-Johnson call Joe Biden said he wanted to “strengthen the special relationship” with the UK during his first call as US president with Boris Johnson, British prime minister, stressing co-operation on climate change and health.

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Trump impeachment Nancy Pelosi, Speaker of the US House of Representatives, is expected to send the article impeaching former president Donald Trump to the Senate on Monday. The upper chamber is also set to vote on Janet Yellen’s nomination as Treasury secretary. (FT, Reuters)

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Abu Dhabi’s point man The rise of the UAE’s national security adviser over the past decade epitomises the nexus between power, business and national strategic interest in Gulf states, where a younger, tech-savvy and security-minded generation of royals have come to the fore. Meet Sheikh Tahnoon bin Zayed al-Nahyan. (FT)

EU bank bosses under pressure European bank executives are struggling to shake off regulatory probes, shareholder pressure and boardroom bust-ups that could spark upheaval among the industry’s power players. Following a spate of scandals, boards turned to new, low-key leaders. But how long will those replacements last?

Line chart of Price-to-book (x) showing European bank stocks have traded below book value

Biden, China and the global economy Surging optimism is built on the three foundations of health, politics and economic policy, all of which appear more stable and firmly grounded than seemed even possible a few months ago. Success hinges on heavy public spending and a rapid rollout of new Covid vaccines.

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Germany after Merkel Germany’s ruling Christian Democratic Union has chosen Armin Laschet to replace Angela Merkel as its leader. Gideon Rachman discusses what a post-Merkel Germany will look like with Wolfgang Ischinger, veteran diplomat and chairman of the Munich Security Conference. Listen on, Spotify, or Apple podcasts.