Sunday, 23 October 2016
Last updated 1 day ago
Dec 16 2011 | 10:32am ET
Julian Robertson, founder of Tiger Management Co., says the hedge fund industry is 'tough.'
"It's a tough business to be in and it always will be," Robertson told CNBC's Squawk Box on Thursday, adding that it will only get tougher as more managers enter the arena.
"The hedge fund business is getting tougher because there are more hedge funds being created and the reason for that is it's the best way to pay these very competent guys on Wall Street, so they matriculate into hedge funds."
The 79-year-old Robertson, whose Tiger Management was one of the world`s largest hedge funds, is equally well known for having launched the careers of star managers like Lee Ainslie of Maverick Capital and Stephen Mandel of Lone Pine and for seeding the so-called 'tiger cubs.'
Robertson became chairman of Forstmann Little on November 23, following the death of Theodore Forstmann on November 20. In this role, the retired hedge fund manager will advise the buyout company as it winds down its operations.
Robertson told CNBC that despite the increased competition, he believes the hedge fund industry has a future:
"The industry has a lot of legs because it is the best way to run money," he said, qualifying that by adding, "The easy times are over."