Business Building

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Mandel beats the death spiral

Heard the one about the successful hedge fund manager who decided to cut his performance fee....yes, cut his performance fee? It may sound like a joke. But Steve Mandel at the $4.5 billion Lone Pine equity shop is taking an initiative that represents the first piece of fresh thinking about hedge fund fees for a long time.

Obviously, Lone Pine isn't a charity and there is a catch, but it is a whole lot better than everyone else's idea of raising fees to test just how much the free market will bear. Behind Mandel's move