Good article. For lay readers, perhaps you might include a definition of your usage of 'asset manager' (where you reference Blackrock). It's confusing if you don't know the terminology: a hedge fund manages assets sometimes on behalf of institutions, but it's not an institutional asset manager.
Good point. Although, I'd argue that more often than not, institutions (pension funds, funds of funds, etc.) are the ones investing in hedge funds rather than individuals. Usually there is a pretty high minimum investment (and needing to know the right people) that you won't be able to meet, unless you are a very high net worth individual. For example (ps this was a pretty big deal last week), CALPERs the largest U.S. pension fund, is leaving the hedge fund space and re-allocating the 10% of assets they allocated to it, to other strategies like Private Equity[1].
