The top three executives at the U.K.'s

Man Group

were the recipients of hefty raises last year after performance fees more than tripled at the world's largest listed hedge fund firm.

According to the company's annual report released Tuesday, CEO Stanley Fink earned 5.99 million pounds, or about $11 million, for the period starting April 1, 2005, and ending March 31 of this year, an increase of 57%.

Kevin Davis, the managing director of Man Financial, Man Group's brokerage arm, collected 4.71 million pounds, or $8.67 million, up 59% from his compensation package of the previous year. Peter Clarke, the deputy CEO and financial director of Man Group, earned 3.98 million pounds, or $7.33 million, a 68% increase year over year.

Man Group, which has $50 billion in assets under management, trades on the London Stock Exchange and is a constituent of the FTSE 100.

If the pay hikes look impressive, they reflect in large part a successful year for Man. "The large bulk of the compensation package is made up by bonuses," says Lachlan Johnston, a spokesman for the company. Indeed, Fink earned a comparatively modest salary of 426,000 pounds, or $785,000, out of his overall pay. The rest came from bonuses.

The salaries for Davis and Clarke were also a small part of their totals, at 346,000 pounds and 342,000 pounds, respectively.

As is the case with most hedge funds, bonuses are a result of performance. For the most recent 12 months, performance fees for the group rose by 278% to $450 million from $119 million the year before. In addition, Man Group increased its asset base by 16% and saw an increase in its profitability. Diluted earnings per share rose 18% to $2.14, excluding the impact of the acquisition of

Refco

.

After the downfall of Refco, Man acquired the assets and customer accounts of the futures brokerage late last year. Man Group took a charge of $70 million related to the cost of integrating Refco, but it hopes to make money from the operation going forward.

If the Man executives are among the best-paid money managers in the city of London, their compensation packages pale in comparison with what some of top U.S. hedge fund bosses made last year.

James Simons, founder of the quantitative hedge fund Renaissance Technologies, made $1.5 billion, according to

Institutional Investor

, leading the list of the top 25 money-earners in the U.S. hedge fund universe last year. His $5.3 billion flagship Medallion fund returned 29.5%, net of fees.

He was followed by oilman T. Boone Pickens, who made $1.4 billion last year, largely from returns on his two energy-focused hedge funds -- 650% on the BP Capital Commodity Fund and 89% on the BP Capital Energy Equity Fund. The rankings were published by

Institutional Investor's

magazine

Alpha

.