Business Building


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