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latter, is the subportfolio manager qualified and as experienced as the main manager?

Managers need to make technology their friend (i.e., to harness the flow of technology) to give them an edge. As some of the strategies become more complex and global, only those managers with technological capability will be able to take advantage of the complexity. A bifurcation by manager skill and capabilities will take place.

And the hedge fund firms need to succeed in perpetuating their firms. Team structures and culture need to be instilled so that the next generation at these elite firms can take over and maintain the work that preceded them.