Brevan Beats Paulson

London’s Brevan Howard has outstripped Paulson & Co. as the world’s top hedge fund manager. The firm’s signature Brevan Howard Fund’s net gains, according to data compiled by LCH Investments, were $3.2 billion last year. Paulson reportedly weathered a $9.6 billion loss due to underperformance.

Bridgewater, thanks in part to its Pure Alpha strategy, is still the world’s top money manager with net gains of $35.8 billion since its 1975 founding.

Clear Channel’s Money Pit Miffs Hedge Fund

Now, in the robbing-Peter-to-pay-Paul department, it would appear Clear Channel Communications’ parent company, Clear Channel Outdoor Holdings, has gone to the trough one too many times. Hedge fund JHL Capital–a firm which currently holds 1% of Clear Channel’s parent, Clear Channel Outdoor Holding –maintains Clear Channel’s shifting of $656 million to its parent may constitute a breach of duty by the board.

Of course, Clear Channel’s board didn’t just decide to start writing checks overnight. The firms have reportedly been tied in a “corporate services” agreement which allowed money to seamlessly change hands for years. Now, JHL says, Clear Channel’s poor financial position has made the transfers “improper.” It doesn’t help that Clear Channel’s payments to its parent company could increase to more than $1 billion in the next few years.

Here’s a message for JHL: Don’t expect Clear Channel Outdoor Holdings to cut the cord anytime soon.

LightSquared Withers, Falcone Watches

Sprint Nextel’s ending its relationship with Philip Falcone’s LightSquared. The firms had entered into an 11-year network-sharing agreement, provided LightSquared obtained regulatory approval from the feds by December. That, of course, fell through.

So, with a $3 billion invested in LightSquared, a block by the Federal Communications Commission and a partner now pulling out, what’s a billionaire hedge fund manager to do? Who knows? Maybe go back to running a hedge fund and stop trying to become a Bond villain.