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Short story about how screwed up asset mgmt industry can be. Many years ago we had a fund that was down ~20%, the PM was fired and a new PM with new strategies took over the fund.
Allocator at a big pension fund with $100m invested literally begged us to start a new vehicle running the same strategies because they wanted to stay invested but couldn't justify to their boss being in a fund that was 20% underwater
If we agreed it would have crystalized their losses and they would start again with a new high water mark. Obviously we didn't do it. Can't remember whether they redeemed or not, but the fund was back above high water mark within 15 months.
Our perf fee was 20%. This allocator was willing to give up ~$4m (20% of 20% of $100m) of their investors' money rather than have a difficult conversation with their boss.
But it's so much easier to screw with the numbers. No waiting required...Good thread thanks for the share.
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