The days of investors trusting a star hedge-fund manager with their cash are in the rearview mirror. Unlike years ago, hedge funds are no longer the only game in town for institutions or the ultra-wealthy looking to park their cash.
The number of quantitative funds, where the stars are the models rather than an individual's mind, has grown. The big names that remain in the industry are starting to resemble Wall Street banks in their size and complexity.
Megafunds like Citadel and Millennium sucking up all the oxygen are also making it harder for new funds to raise money. Established managers like Bobby Jain face challenges in hitting their fundraising targets amidst this changing landscape.
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