GLG's Phillips: This is an era-defining moment for fund managers

Generational changes in fund management do not, by nature, occur often.

But following a slew of major moves - some of which continue to have a profound influence on asset flows - it certainly feels as though we are in the midst of era-defining time. Disruption of this magnitude can leave fund buyers in a quandary. Do they, assuming the individual has not retired, follow a departing manager? Do they wait and see how the replacement performs before making decision? Or switch immediately to an alternative? All tough calls, no doubt, but they are not the only problem fund buyers face. Last year a number of high profile funds soft- or hard-closed as they began...