The old, the young, and the hungry

Taco Sieburgh Sjoerdsma from Liability Solutions compares the relationships of 'established' hedge funds and the bright young things with their ever-changing marketplace

The hedge fund industry is often depicted by the popular press as driven by entrepreneurial mavericks. Earnings figures of hedge fund managers are prominently displayed, often forgetting that part of the fees must be shared by either marketing organisations or by personnel or by both.

These press reports also conveniently bypass the role traditionally long-only established institutions play in this industry.

Whereas historically, very few established institutional asset managers ran alternative