YouSaid · the spoken record

Ilana Weinstein

lines on the record: 138
first: 2019-11-22
most recent: 2019-11-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Are not afraid to spend that money, but that's the last part of your sentence is key. There are funds, it's amazing how few funds you scale to their competitive advantage. There's a fund I'm thinking of, which is north of $20 billion They have nothing internally. They basically, nope.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So they say to them, listen, let's look at your PL. A lot of it came from, you know, it's actually not like a lot of it came from beta or came from factor exposure. That's not repeatable. So giving them transparency into how they make money sets them up for better success in the future. And there are very few places that have the same tools and resources as some of the guys that I mentioned.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“And, you know, I think that the shakeout is happening. We see money leaving the industry. And the guys who figured it out are the absolute clear winners. And they're going to gobble up the best talent. And they represent stability. They don't net their talent. And the other few things just to answer your question are that these guys do best, the winners. Talent also, what you asked me what talent's looking for, they want to be made better. They want to improve. So, you know, in an environment where returns are so hard to come by, how can I be better at shorting? How can I be better at managing volatility? How do I improve and the best places, which are typically that have really sophisticated technology and data and risk management? Are the best multi managers? They give these guys an unbelievable feedback loop”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Just give it Right, right. So I think there's an element of hoping that things change, hoping that the performance gets better. And, you know, you have to understand these senior people that we're speaking to have been where they've been for many cases over a decade. They have a real relationship with the founder. They help build the fund. They are partners where they're sitting. So it's not as transactional. As one might think, and they feel loyal, they feel embedded, but at a certain point, the chickens do come home to roost. And I think we're kind of at that tipping point. We really are at a tipping point in the industry, both with respect to frustration on the part of talent, frustration on the part of LPs.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there's a look, there's a lot of inertia in this industry. We saw this with LPs too this pace of net outflows is only just picking up now for a long time. LPs were sort of just hoping things would get better. Well, the consultants...”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm generating all this P&L. No one else around here is pulling their weight. And every year I'm paid a fraction of what I should be paid.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Well said. PL, it gets spread around to the whole organization. As a guy just said to me the other day, and I love this phrase and I told him I'm going to steal it, he said, I feel like labor arbitrage. That's what's going on.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Under 2 billion. Wow. So these are, again, like only so many funds even get into the billion dollar territory, right? So these are these are the sort of the bigger names, the bigger guys, and they are a shell of their former selves. So stability is like very hard to come by these days. And you may think, oh, that's a well-known fund. That's stable. Not the case. The second thing that's really important is netting, which we talked about, not being in a construct where you're not going to continuously get netted, right?”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“May be interesting for your listeners to look at the AUM drops of these funds. Greenlight, okay? And this is, by the way, I'm going back to not circa 2003 or 2007, let's say right before the crisis 2007 or 2. I'm talking about in the last few years. So this is how precipitous the AUM drops were. Green light was 12 billion. Now it's sub 3 billion. Corvix was 7 billion. Now it's 2 billion. Discovery was 15 billion. Now it's 3 billion. Fir tree was 13 billion. Now it's $5 billion. Scopia a year ago, one year ago, 2018 was almost seven billion. You know what it is today?”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So the most important, so the things they're looking for haven't changed. They're just more difficult today to come by. They're looking for stability. Right, when you see funds like big funds back in, we started with Eaton Park and Perry going out of business and then all the others I mentioned last year and there'll be more to come, that means that there's no more terra firma under their feet. And by the way, you even look at funds that are still that are well-known names. They're still existing today.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“If the absolute number is disappointing because times are not good and there isn't much of a performance fee and also assets have dwindled, so the management fee is smaller, founders need to give people insight into how they're coming up with the number. So it's not this black box. Again, it comes back to running a business, not just managing a P&L, and that's a mind shift for a lot of founders because they grew up. They know best is investing, right? Not managing people. They need to manage their fund like a business, not Because not like a kleptocracy, which is how a lot of these guys view it, that work there.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, the founder would be wise to go into his pocket, go into his management fee, and pay that person, right? That's what they need to do. That's what they need to do. And also be clear about how they're coming up with the number. For many of these guys, if they're not sitting at a multi-manager, which is Formulaic, or they don't have, even if they have points in the fund, a lot of the times there's a jump bull, which is discretionary”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“If you lost money last year, you first have to make that back up before you start to get paid, right? So if I'm a guy who for the last three or four years has generated Tremendous PL for the firm.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Or the non-popular. And I'll go one further. I think that founders need to be willing to go to zero for themselves in times where they don't have much of a performance fee. And that has been true for the last four years. Even this year, a lot of funds may be doing better, but they have a high watermark from the previous year or group of years.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“And also LP should be looking at who left. Were those people that were P&L generators to the fund or were those people that were pushed out, right? Because they didn't do well. And if what they're seeing is a trend line of the best people leaving and they have to figure out a way to get at that. Right. Know that because we're interviewing these people and we see the composite of the entire PL of the fund and who did what. If the best people are leaving, you should be pulling capital. And if the people who did not make money are the ones who were leaving and being managed out, then you should deploy because that's a founder who understands how to manage his team and is managing them, again, like a portfolio unemotionally and making decisions in their best interest.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Just behind the scenes, that's more gray than you, those people have tremendous influence if they're senior and they're good on the portfolio. So LPs should also be asking where were your biggest losers? And you're going to see patterns across the biggest winners and across the biggest losers. And then. They should be asking the founder what are you doing about getting rid of the guys who are covering the three sectors that actually have been a net drain on P&L? What are you doing about developing the three sector heads that have generated the most P&L? How do you manage paying those guys when you have these other guys that you have to pay? Like these are the tough questions. That founders really need to be held accountable for.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that they should find out from the founder. And it's hard because if it's a single manager fund, the founder The end of the day is the ultimate decision maker, right? Of what goes into the portfolio and how the portfolio is constructed, but ask him, and I'm going to use long, short equity as one, because it's 40% of the hedge fund universe and two, just to be illustrative, it's an easy example to understand, ask him, okay. Where did your winners come from this year? In what industry? Was it industrials? Was it TMT? Was it healthcare? Ah, it was healthcare. What about last year? What drove P&L? Oh, again, it was healthcare and industrials? What about the year before? What about the year before? And we get that at the end of the day, the founder, again, is the ultimate decision maker. But again,”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that founders are often very loath to make tough decisions, and we can call that not acting as a meritocracy or not being cutthroat or just candidly being wimps. I think that there's an element of the optics of, oh, what are LLPs going to think if I fire these three people? LPs would be very smart when they do all their operational due diligence. If I was an LP, here's what I would be asking. I'd want to know.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. So this idea of like, I have job security, but at the end of the day, well, I said, you know, of course you do. You're the star within the fund. And the bigger question is, why do the other people have job security? They should be like the founder has a fiduciary duty to Hills LPs to be retiring and retaining the best people and part of retaining them is getting rid of the ones that aren't performing and making room for better people.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I am one of two or three primary P&L drivers at a fund which has sizable assets. And what are the other people doing? Year after year, they're not pulling their weight. They're not really contributing. And I'm getting netted because the founder has to take from my pocket to pay them.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Not exceptional, what I'm telling you this is par for the course. I sit at a fund that is eight billion of AUM or $10 billion. Okay, these are big funds. And I am one of two or three people that consistently drive P&L every single year. And remember, the last three or four years have been really tough, present, you're excluded. But again, a lot of beta in the returns for this year and also snap back from being down last year, right? We're just riding the market back up. So you look for the last four years excluding this year and even this year, I am the.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't. I mean, I don't, there may be funds that fall in that category. That's not my claim base. It's really not. I come back to, there are, I think, the best founders are also great business builders. And when they look at their investment talent, they don't view it differently than a portfolio. They double down on their winners and they cut their losers. And that's what I want if I am a talented investment professional because the biggest issue in this industry. From talent's perspective is not compensation deflation. If a fund does poorly and I did poorly, it's a pay-for-performance industry. I get that I'm not going to get paid and I'm okay with that. The biggest issue is when I sit at a fund and this is”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Nicer word. The no blank. You know what I'm thinking? Yeah, exactly. The no a-hole rule is what everybody referred to. That's really what's consistent. That's not, you know, and people. And at the end of the day, what's really interesting to me is there are certain founders who are dear clients and friends of mine. And make crazy decisions and like, you know, I can be there one day and blown out the next. And the reality is these are some of the most measured down-to-earth. And I will say it, good people I know, but they also have great commercial instincts and are not afraid to make tough decisions. And if you're really talented, you want to be in an environment where you can shine and aren't going to be dragged down by a bunch of dead wood around you where your compensation gets netted every year because the founder is just like.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So let's put that sort of to the side. I think the biggest differentiators are how much it's, look, no one wants to work in a jerky culture. So neither do I want to work with jerky founders. That's not, I'm using intentionally.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, they'd be pulling capital left, right, and center and reallocating to the places that we tell them to. I have a very clear sense, as does my team, on what's what. And, you know, I don't think anyone else does because the level we're recruiting at, both in terms of breadth and just the sheer talent that we have coming in the door across every asset class and every geography, I think is second to none. And it does give us insight into what to look for and what differentiates the BS from the non-BS. Good from the great. There's their really specific things we're looking for.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“We do every day is meet with the most talented people in the industry, not because they're looking for jobs, but because they want our perspective and it's a virtuous loop. If all you do is meet with really smart people that are best in class, you build Picture a composite of what is driving the industry and what the opportunity set is and where it's going. And so we have insight into what is going on at every single fund, who is making money, how lumpy the pool of talent is, how precarious each fund is, like what situation they're in. I mean, I often say if LPs knew what we know.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, yes, it's completely accurate. I mean, I hope that doesn't sound like I'm blowing smoke or anything. It's accurate precisely because what”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Trying to convince them to do that So I have tremendous conviction around the, I have to have tremendous conviction around our clients and what they built and what they can provide for talent. And so again, I think it was a joke, but at the end of the day, there are only so many places that also talent really wants to go.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I'm not going to name names, but there are plenty. No, no, no. In terms of the ones we choose not to work. Oh, okay. But because we need as good as I'd like to think we are at the end of the day, the people we are dealing with on the talent side, they are very sophisticated. They are very smart. They're not going to go someplace that isn't a market step up from where they are today with a pathway that is unique. And nor would I feel good about...”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“He and Al doesn't lie. That's what I love about this industry. It's real time. It's mark to market. You know where you stand at all times. But, you know, so, and we, so that is true. There's an intense competition to attract the best. It is also true we tend to be in the mix of it. But the other thing that's true is as much as there are only so many good people, there are only so many places those people are going to be attracted to. And Steve runs a great shop. 0.72 is one of them. Other places like Citadel, Millennium, Davidson Kempner, Golden. IDW has been very deliberate about who we choose to work with.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“It's also a question because when you read it, it's like But it's nothing like that. I don't think it was seen that way. I think his point was there is a war for talent because there's so little of it, right? They're only, I said it myself. There are only so many people I put in that first bubble of best in class in the asset class. That is true. And you see it with the returns of funds or only so many funds that are performing and only so many people within those funds. PL.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Take place. A little bit of roasting. I think, I hope. I think it was, he was introducing me. I was the honoree. So I think it was mentioned. So is his good nature.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“He kind of dragged you a little bit. No, no, no. No, just to be clear, the gala was in honor of me. I was being honored. So we”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“They do, but interestingly, and it's true that in the last four or five years while hedge funds have suffered because their returns have come down and for most of them, fees have had to readjust or in the process of readjusting private equity had the hot hand because rates were low and it was easier to buy companies. I think that we're seeing now is the merging of public and private. You see private equity firms trying to get into the public markets. You see hedge funds developing their private investing expertise. And so I think each one is trying to capitalize upon the other's revenue stream.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Q1 2019 was the only other time in hedge fund history. We saw four consecutive quarters. And that was, and Q1 2019 this year, we had $15 billion of net outflows. We're now at 60-something. So I guarantee you, we're now in our sixth quarter of net outflows. That is first time ever in hedge fund history”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“That's the truth. Yeah, for sure. And that's why you see when guys splinter off from the funds that are closed and LPs are salivating for access to, they're the ones that scale overnight and there are only so many of those. So that's why I think we're seeing the aggregate amount of net outflows and also the trend line. The thing on the trend line is the only other year in hedge fund history where we had four consecutive quarters of net outflows was two thousand eight to two thousand nine. That's amazing. We are probably...”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, given the trend line I shared with you earlier, which is we have now 60 billion of net outflows to the industry, that's net outflows. I think money is actually leaving the industry. That's where I think things are going. And so it could go to another fund, but the problem is there are so few good options. It doesn't want to go to another fund that has had the same meh or crappy performance. A lot of the better funds candidly are closed.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Then you know what, you know, maybe you just charge on alpha at the end of that time period. And so you have duration. That's a very restructuring. It's a totally different structure. But that's the point. You need to figure out what you're best at. It's so hard now to generate consistent alpha and you need to figure out what structure is going to enable you to be competitive. And that may mean locking up capital for a longer period of time and charging less or just charging on alpha. But the idea that one size fits all when it comes to fees, no matter what your investing style is or how much beta you employ, is ridiculous. You know, the guy charging, it's the same fee structure for the guy running net 30 and running net 60. I think there should be a hurdle with respect to how much is alpha and how much is beta.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Where, and I think this is the way a lot of these funds are going to go. I mean, you recently saw in the last year Soraban really converted most of their assets to Long Only. And so the idea being If I'm best at generating long alpha and I'm not that good at managing short-term volatility and coming up with alpha shorts, alpha generating single name shorts. But I need two to three or four years to let my thesis play out.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not there. It's not what they do best. And they're also not set up to do it as well as the multi-managers that have Much broader and deeper resources to help these guys be successful with respect to managing factor volatility and coming up with single name alpha shorts. So the best thing these more concentrated directional managers could do would be to say, okay, I'm best at generating long alpha. Therefore, let me set myself up in a way where I maybe they create an alternative long only.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that we need to move to a model which is closer if funds are going to charge what they charge, which is sizable, we need to move to a structure where LPs are paying for alpha. That's the bottom line. So whether it is they lower their fees or they just charge on alpha, that has to be where the industry is going or and or here's another thought, there are hedge funds which Really, and this is true of a lot of the single manager long short equity clubs, whether tiger cubs or related, some of these guys are really best at generating long alpha. They're really not that good on the short side. And if you look closely at the composition of their return,”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“That can address the lack of value creation, and then you have funds like Element that are charging 2 and 40. Again, it's efficiency.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“But then you have hedge funds like the multi-managers where it's all alpha. Everything they generate is alpha. It's uncorrelated It's low volatility. That's why. And so that's a totally defensible business model. And jumping onto another subject, the startup environment, while so few funds can scale and we have more closures than startups these days, the exception to that rule are funds that splinter off from the successful multi-managers. That's why we saw Exodus Point have the biggest launch in hedge fund history last year at $8 billion. That's why this year you see Woodline and candlestick, two citadel spinouts launched with anywhere somewhere between one and three billion candlestick I think was between one and two and or will be and woodline is between two and three. These are exceptions that prove the rule and also shine a light on the efficiency of the hedge fund universe. You have hedge funds that are struggling to come up with a fee structure”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a mathy group. That means two thirds of the alpha by that equation is going to me, the hedge fund manager, and one-third to the LPs. That's not a winning construct. That's a standard.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Only seven and a half percent is alpha, yet I'm charging 2 and 20, and that 20% is on both alpha and beta. So 20% of 15% is 3%. 3 plus 2 is 5. I'm charging 5% on AUM. 5% divided by 7.5%. Just follow me with the math. You know, your listeners can sort of.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“No, but if I'm running net 50% long. That means that 50% correlates to the S&P. That's what that means. So 50% is beta and 50% is alpha. So if I'm up 15 and the S&P is up 15%”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“and twenty eighteen was a year we saw a lot of big funds shut down right we saw high fields chose to shut down Turbion shut down criterion ivory Folger Hill Glen Hill three bays I mean I can go on and on and on and yet we are 50% higher this year than last year in terms of net outflows to the industry so LPs are pretty disappointed in terms of where things are at. So back to my example, if I'm a fund which returned, let's say the, let's just say I know it's up higher, but let's say the S&P is up 15% and I'm a fund, a long short equity fund that runs 50% net long. That means 50% of my return one could get an LP could get than from just buying the S&P. And let's say I'm up in line with the SP this year. So 50% is beta, right? 50% of my long.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“They are reflective of what is going on. The total amount of net outflows in twenty eighteen was $37 billion. Do you know where we're at to date in terms of net outflows?”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Love to quote Inception to date returns, which is like nonsense. I mean, you have to, they have to say that's great. Now let's talk about 2015 onwards. Right. Okay, and then they like go quiet. It's not good. So if you look at the returns of these funds, again, very bad for the last four years. And you look at asset flows in the industry.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“A great number of them. Yes. It's like if you add them up, it's basically flat to down. So I look, I think it's just, again, it's a more difficult environment. It's harder to generate alpha. Sure. And also if when returns come down, when we're talking about fees, if returns come down, it's very difficult to justify that 2 and 20 fee structure. I'll give you a discrete example. If I'm a fund that historically generated in the good old days 25 to 40 percent returns, and by the way, these guys were the ones.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source