From Barrons: Launching a new hedge fund has always been difficult, and
even more so since the financial crisis. More funds are closing down than
starting up these days, and most of the failures are small operations with
short histories, says Daniel Celeghin, a partner at Casey, Quirk and
Associates, which advises asset managers. Because investors have become
"more educated and more paranoid" since the 2008 crash, he notes,
they gravitate toward "the perception of safety" in large hedge funds
that boast long track records. Of the $15.3 billion that investors poured into
hedge funds during the first three months of this year, firms that managed more
than $5 billion soaked up $10.1 billion; firms managing less than $100 million
got just $1.14 billion, according to analysts at Hedge Fund Research….
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