The benefits of the right business plan

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It wasn't many years ago that the success or failure of a hedge fund seemed to ride solely on a founder's investment prowess. After all, most funds employed few people beyond the founder and focused on a single strategy.

That of course has changed rapidly with the massive expansion and diversification of the industry. And with that has come the realization that hedge funds are first and foremost businesses - and as a result, the viability of a founder's business plan has become at least as important to a firm's success as its investment