For more than a decade, the multi-manager hedge fund model has stood as the gold standard of consistency in alternative investments. Firms like Citadel, Millennium Management, and Point72 Asset Management have delivered remarkably stable returns across market cycles, attracting tens of billions in institutional capital and reshaping the competitive landscape of the hedge fund industry.
But in the first quarter of 2026, a subtle shift occurred.
Several of these flagship platforms experience...
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