An industry built on big names drawing even bigger money has faced a marked shift. The days of investors trusting a star hedge-fund manager with their cash are in the rearview mirror, writes Business Insider’s Linette Lopez.

In years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. The late Julian Robertson and his empire of so-called “Tiger Cubs” prove that.

But, unlike years ago, hedge funds are no longer the only game in town for institutions or the ultra-wealthy looking to park their cash somewhere. Venture capital, private credit, and private equity have grown considerably over the past decade.

Meanwhile, the hedge fund industry has also evolved. The number of quantitative funds, where the stars are the models rather than an individual’s mind, has grown.

And the big names that remain in the industry are starting to resemble Wall Street banks in their size and complexity. Ken Griffin’s Citadel and Izzy Englander’s Millennium Management have filled their ranks with Goldman Sachs alumni to help oversee their ever-growing operations.