Pros
Scale in AUM Bonuses can be good (relative) in a "good" year Flat organizational structure
Cons
Fear based culture. Similar to other hedge funds, but more amplified here. Cliquey and "every man for himself" environment breeds contempt amongst investment staff. More focused on capital preservation (read: their own fee preservation) than making smart investment decisions for clients. This causes a lot of disruption and "start/stop" in the process. Funds are closet long-only that charge hedge fund fees with mediocre results. Questionable sustainability. Investment staff is treated as interchangeable chattel. Questionable morals and ethics amongst some of the more senior leaders. Lack of diversity. Look around - you will see. Leadership is really mostly concerned about increasing their own personal wealth, and it shows. Some inappropriate things are stated/uttered/yelled here on a regular basis that really sets the tone for the whole organization.