Behold the humbled hedge funds. Tumbled returns, the cloud of the financial crisis and almost-certain regulation are compelling many managers to change their tune. The reclusive are becoming ebullient, the secretive are embracing transparency and the brazen are becoming thoughtful. And, says Reuters:
(As) the industry moves mainstream and bus drivers, teachers and policemen are indirectly investing their nest eggs with them through pension funds, "hedge funds have to act like asset managers who communicate with their investors and not like hedge fund managers who sometimes don't," said Carrie McCabe, who founded Lasair Capital after running Blackstone Alternative Asset Management and FRM Americas.
The changing dynamic poses a dilemma for job seekers: It used to be you wanted to show how smart you were by coming in with a couple of trading ideas and showing how well you understood the business. Sometimes, being a little cocksure didn't hurt, either. Now - well, too much self-confidence might not be such a great thing. It doesn't sound like you can count on working away in Greenwich anymore. You may have to be good at client-facing skills, too.