The hedge fund industry has always been a machine that creates new businesses and destroys them just as quickly. New funds are constantly starting up often from the carcass of old funds that are closing down and 2003, in some respects, was no exception. New funds like Cavalry were founded from the wreckage of the once mighty Bowman Capital technology empire.
But, in other respects, a change seems to be underway in the industry. New funds are still being created at an astonishing pace as our survey of big new fund launches last year shows. The findings on page