BNP's Sugarman Sees More Hedge Funds Shuttering In '11

Nov 3 2011 | 8:45am ET

BNP Paribas' U.S. capital introductions chief sees a continuing change of the guard in the hedge fund industry this year.

Emma Sugarman told Bloomberg TV that "undoubtedly we are going to see more hedge fund closures this year." Sugarman specified that it might be well-established names at larger hedge funds leading that charge.

"I think we started to see it earlier in the year with big, blue-chip names—people like Stan Druckenmiller at Duquesne and Bruce Kovner stepping back from Caxton," she said. "It's not as much fun working in the hedge fund market anymore."

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