Steve Schwarzman Not Above Kicking Hedge Funds While They’re Down - Dealbreaker

Steve Schwarzman Not Above Kicking Hedge Funds While They’re Down

The Schwarz is sorry that he's not sorry.

In these tough times, hedge funds could really use a friendly face and a helping hand offered to pull them out of the hole they’ve dug themselves.

Surprisingly, this hand has not been forthcoming: Not from Tony James. Not from Bill Gross. And certainly not from Steve Schwarzman, who’d love to make 2 and 20 by setting his clients’ money on fire but who has been too busy making his clients rich and happy with the practically bargain-basement fees he charges.

Every time I hear this 2-20, I wish we got something like this, ever. I know someone who's doing this, but it's not us….

There are people who don't do well and feel more pressured, particularly in the hedge funds, that some of those models for certain firms are under enormous pressure, and they should be because they're not delivering.

If you're not delivering, there's a fee structure that's set up to deliver superior performance, and if you don't deliver it, your life is going to change. That's not unfair in that sector.

Billionaire Steve Schwarzman has no pity for hedge funds [BI]


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