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Because you'd rather work for a hedge fund than be a pawn of one

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Some major departures at two bulge-bracket bank hedge fund related divisions: Bear Stearns loses Leonard Feder, co-head of prime brokerage for personal reasons (personally starting a hedge fund?), and Lehman loses more people in its fund of funds (CIO Jin Park, senior marketing specialist Anoop "There it is" Dhakad). For Lehman, this follows a string of departures in the fund of funds unit after the November departure of former fund head Jolyne Caruso. The undercurrent here is that banks are trying to capture more and more hedge fund business, but finding attrition at the top a problem, presumably to actual hedge funds or more prestigious divisions of the bank.
Bear and Lehman lose hedge fund experts [Financial News]