Reuters- Wall Street bankers and traders, fearing possible layoffs, may strike out on their own and try to launch new hedge funds in the coming weeks, a top industry official said on Tuesday.
However, many are expected to fail as investors are demanding better track records in the once-hot sector chilled by dismal losses this year, she added.
"You will see a large number of people with big names and reputations trying to start up hedge funds," said Jane Buchan, CEO of Pacific Alternative Asset Management, a $10 billion hedge fund of funds that selects managers for pension funds and other large clients.
