Jain Global

There's been funds that have been around for decades.

decades and a lot of these places have kind of already laid out either who is succeeding them or built up these like bigger management benches that will like obviously kind of take over the platform when they leave I think of like Elliot management Paul Singer he's identified his like kind of right hand Jonathan Pollock as like he's going to be the next in line and Elliot's this massive investment platform now that's like absolutely not going anywhere Paul Singer retires tomorrow like Elliot's going to be just fine and the people who invest in Elliot of course are not running for the exits I wouldn't be surprised we saw movement like that in the coming years and I think what comes with that would be a much more institutional feeling industry and kind of like with that like we've we've kind of already seen the first seeds of like hedge fund m&a which is feels very strange because it doesn't really there's not really been a precedent to it it was kind of been traditionally i guess when when like a fund would like kind of like assume another it would be like someone got in like some bad trades and they needed someone to kind of take over their book ken griffin famously has done this with um a few places schoenfeld kind of took over like folger hills asia business back in the day like there's there's some one-offs but you know in the past i guess now four years like millennium and schoenfeld almost kind of joined forces Millennium now is going to be the only capital in Jane Global, which is run by the guy who used to be one of Millennium's top investors.

And I wouldn't be surprised if we kind of saw that type of activity happen more and more going forward.

That is, I think, a sign of a maturing industry is when maybe some people get squeezed because they're not boutique enough, but they're not large enough scale.