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The real threat is to smaller operators—half of all hedge funds manage less than $100m.
(Labour and the Tories used to get 90% of the vote between them; they now manage less than two-thirds).
In most states, advisers who manage less than that should be registered with their state's regulatory agency.
Putnam will manage less than one-fifth of the $1.74 billion it oversaw for Massachusetts before being let go last October.
Under existing rules, Internet advice services that manage less than $25 million in assets are required to register with individual states.
Mr. Chang and Mr. Angil manage less money, of course, than what many hedge fund titans make in fees in one year.
Similar(37)
Mr. Sanborn was removed as the fund's manager in March and now manages less than $100 million in private accounts for Harris Associates, which runs the Oakmark fund.
Unlike other hedge fund managers who make all the investment decisions, Mr. Cohen manages less than 10 percent of the fund's money, distributing the rest to about 140 small teams.
Hyundai Card managed less than 2%.
The fund was relatively small, managing less than $100 million.
Of the roughly $26 billion the fund manages, less than $1 billion belongs to outside investors.
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CEO of Professional Science Editing for Scientists @ prosciediting.com