Citadel's Kenneth Griffin only earned $1.3 billion last year. Fred Prouser/Reuters Institutional Investor's annual hedge fund rich list is out.

Last year, the top 25 hedge fund managers took home $11.6 billion in pay.

That's about $467 million per manager.

That's an astronomical figure, of course. But it's also a pretty disappointing one.

$11.6 billion for the top 25 managers is about on par with what they made in 2008, in the midst of the financial crisis.

Hedge fund returns were 3.78% last year — their lowest since 2011, according to research firm Preqin. The S&P gained 13.7 percent, by comparison. Meanwhile, assets under management for many firms have ballooned.

Average earnings for the managers, $467 million, were down from $846 million in 2013, according to the report. Famed activist investor Bill Ackman didn't even make $1 billion.

The highest-earning manager, Citadel's Kenneth Griffin, took home $1.3 billion. Griffin, who has made the list 13 times but never before topped it, earned most of his profits from equity markets.

Following him were Renaissance Technologies' James Simons and Bridgewater Associates' Ray Dalio.

There were some notable names missing from this year's list because they actually lost money, including Discovery Capital Management's Rob Citrone, Omega's Leon Cooperman, Coatue Management's Philippe Laffont, ESL Investments' Ed Lampert, and Paulson & Co.'s John Paulson.

Here's what the top 10 hedge fund managers earned in 2014:

Kenneth Griffin, Citadel ($1.3 billion) James Simons, Renaissance Technologies ($1.2 billion) Ray Dalio, Bridgewater Associates ($1.1 billion) Bill Ackman, Pershing Square Capital Management ($950 million) Israel Englander, Millennium Management ($900 million) Michael Platt, BlueCrest Capital Management ($800 million) Larry Robbins, Glenview Capital Management ($570 million) David Shaw, D.E. Shaw Group ($530 million) O. Andreas Halvorsen, Viking Global Investors ($450 million) Charles Coleman III, Tiger Global Management ($425 million)

Read the full report here.