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But for now, we're examining how the hedge fund superstar has gone extinct.
What's on deck:
But first, the stars aren't shining as bright anymore.
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Where have all the hedge fund superstars gone?
An industry built on big names drawing even bigger money has faced a marked shift. The days of investors trusting a star hedge-fund manager with their cash are in the rearview mirror, writes Business Insider's Linette Lopez.
In years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. The late Julian Robertson and his empire of so-called "Tiger Cubs" prove that.
But, unlike years ago, hedge funds are no longer the only game in town for institutions or the ultra-wealthy looking to park their cash somewhere. Venture capital, private credit, and private equity have grown considerably over the past decade.
Meanwhile, the hedge fund industry has also evolved. The number of quantitative funds, where the stars are the models rather than an individual's mind, has grown.
And the big names that remain in the industry are starting to resemble Wall Street banks in their size and complexity. Ken Griffin's Citadel and Izzy Englander's Millennium Management have filled their ranks with Goldman Sachs alumni to help oversee their ever-growing operations.
Megafunds like Citadel and Millennium sucking up all the oxygen are also making it harder for new funds to raise money.
Bobby Jain had two decades of experience at Credit Suisse and was the co-chief investment officer of Millennium when he decided to set up his own shop.
His fund, Jain Global, went live this month with a reported $5.3 billion in assets. As eye-popping as that number is, it's well short of his initial target of $8 billion to $10 billion.
Jain's high hopes were motivated by being the largest hedge fund launch in history, a title held by ExodusPoint, which launched with more than $8 billion in capital. But ExodusPoint, which also counts two Millennium alums as its cofounders, has had its own struggles in recent years.
But as the old saying goes, it's always darkest before dawn. All Wall Street needs is a couple of breakout stars to flip the script, and the potential is out there.
Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium for his to-be-launched hedge fund. And Jonathan Xiong's Arrowpoint Investment Partners launched with $1 billion thanks to backing from Blackstone and Canada's largest pension fund.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.