New Hedge Fund Economics

Managers must learn how to make ends meet in a world without performance fees.

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Like scores of hedge fund managers this year, Richard Brennan has fallen victim to the global credit crisis and market meltdown. Brennan is the founder of Camulos Capital, a $2.5 billion Stamford, Connecticut–based firm that specializes in credit strategies. By early September his long-biased Camulos Master Fund had plunged 20 percent, to $1.8

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