When Steve Eisman shut his Emrys Partners just two years after launching it to join Neuberger Berman, it looked like a major come down. After all, this was Steve Eisman, former FrontPoint Partners legend, star of The Big Short, a man capable of bringing down companies without leaving his bedroom. What was he doing mucking around with separate accounts, where he can’t lock up one thin dime or earn one extra cent for a double-digit return? As it happens, he was just predicting the future.
“That’s where I think fees will be in 10 years,” says Eisman of his flat 1.25 percent. “I’m just going directly there now.”
Steve Eisman’s Next Big Short Is Hedge Fund Fees [Bloomberg]