(Deal Book) Hedge fund titans once ran their firms like elite private clubs, picking who made it past the velvet rope and how much they would pay for access to supercharged performance.Years of poor performance have now led a number of funds to consider something more like general admission.
Some big-name investors — MetLife, American International Group and the New York City pension plan, among them — have recently begun to withdraw their money from hedge funds in larger numbers. And the investors who stay are getting a chance to sit at the negotiating table and dictate lower fees and better terms for sharing in the returns that managers make.
