FT article on big hedge funds getting bigger, outperforming smaller rivals

Hedge funds: No market for small firms
Big US hedge fund platforms such as Izzy Englander’s Millennium Management, Ken Griffin’s Citadel and Steve Cohen’s Point72 Asset Management look set to emerge from the coronavirus crisis as some of the industry’s biggest winners.

After chalking up gains this year, they are on the front foot. Meanwhile, their unusually high fees, which have long proved a stumbling block to some investors, could help them have the pick of talent in a hedge fund industry reeling from the S&P 500’s fastest descent into bear market territory.

Their gains reflect a wider phenomenon that is growing in prominence: the hedge fund industry is becoming increasingly concentrated in a small number of larger players, as bigger groups outpace some of their supposedly more nimble rivals.

The full article is available at https://www.ft.com/content/d94760ec-56c4-4051-965d-1fe2b35e4d71

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