Eating Crow and Slinking Back to Their Old Jobs

"Besides calling the shots on the portfolio, I had to market the fund, fix the photocopier, and answer investors’ questions--it was just too much.” Those sentiments--along with October’s crap performance--are why more and more hedge funders are putting their tails beneath their legs and slinking back to the long-only shops that only a couple of years ago they were looking down their noses at. Some of the bigger names on this list former Fidelity Investments star Brian Posner recently hired by Legg Mason after running his own hedge fund for years; Fergus Shiel who returned to Fidelity after two years in hedge fund land; and Dean Barr who just went back to Citigroup two years after launching his own hedge fund to great fanfare. “For someone who was well thought of but didn’t raise enough assets and therefore needs another home, there likely won’t be any stigma,” Spencer Stuart vice chairman Richard Lannamann said. However, “if someone goes out and they fail because performance was poor, that is something altogether different.” Oops.
More Hedgies Longing for Roots [Institutional Investor]
Quitting the Hedge Fund Biz [CNN Money]

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