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The Multi-Manager Squeeze: Why Giant Hedge Funds Are Swallowing Boutiques and Locking Up Capital
Consolidation among multi-strategy hedge funds has reached unprecedented levels as mega-firms absorb smaller players and secure institutional balance sheets. With titans like Millennium expanding external allocations and boutique funds shuttering, public pensions are fueling a high-stakes centralization of capital. Everyday investors need to understand how this quiet concentration affects market liquidity, price discovery, and systematic volatility.
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