For hedge funds and their offspring, the days of rugged individualism are numbered.<\/p>\n
That’s the thesis of a new study by Don Putnam, the investment-banking luminary who founded Putnam Lovell and spearheaded such storied acquisitions as Pimco by Allianz Group<\/strong> (AG<\/a>:NYSE – commentary<\/a> – research<\/a> – Cramer’s Take<\/a>) and Zurich Scudder by Deutsche Bank<\/strong> (DB<\/a>:NYSE – commentary<\/a> – research<\/a> – Cramer’s Take<\/a>). The piece, “Adapt or Die Trying: Darwinism and Intelligent Design in the Hedge Fund Industry,” depicts a future in which rapid consolidation squeezes out smaller money managers and funds of funds, leaving a landscape dominated by huge, multi-strategy advisers.<\/p>\n The ideas are getting a lot of notice, particularly among the ostensible victims, some of whom believe Putnam is a less-than-impartial judge.<\/p>\n