A hedge fund paid its top partner millions of dollars the same year that it posted losses for its clients. Bloomberg News reports that the hedge fund, Clive Capital LLP, paid the top partner $33.5 million for the 12 months before last February.

The three hedge fund partners–Chris Levett, Richard Boland and Elizabeth Holstein–earned $39.2 million. But the hedge fund “declined 8.8 percent last year and 10 percent in 2011,” Bloomberg reports, a common story for commodity funds in recent years. Sources told Bloomberg that “the firm’s assets under management have fallen by $600 million this year to $1.35 billion at the end of March.”

“The fact that a manager can lose money and get paid so handsomely illustrates the ‘heads I win, tails you lose’ structure of hedge-fund fees,” Simon Lack, a hedge fund expert, told Bloomberg.

In total, Levett is worth $382 million, according to the Sunday Times.