Omega Advisors

New York-based Omega Advisors has been in business since 1991, making it one of the longest-running hedge funds in operation today. Even more impressive is its performance over those 24 years: Its annualized return has compounded at 14.1 percent, net of fees, as of June 30, 2013, and $1 million invested in Omega on day one would now be worth about $17.4 million. Omega's assets jumped 43.8 percent between 2013 and 2014 as a result. But 2014 proved less successful. Omega Advisors's assets dropped $1 billion and Omega Equity Investors (Series I) was down 2.8 percent. The management team blamed…