Institutional investors plan for key-man risk as hedge fund managers near retirement

Investors ponder longevity risk

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As the hedge fund industry and its key players mature, investors are increasingly focused on the risks posed by management changes that could threaten not just future performance but the very existence of a hedge fund itself.Many celebrated hedge fund managers are edging closer to retirement age and some notable departures have already taken place. Last year George Soros, now in his 80s, announced he was closing the Quantum Fund and returning around $1 billion to outside investors. Chris Shum