The hedge fund industry has a 'real problem,' but it's not the one you think

The hedge fund industry is struggling.
Poor performance, insider trading investigations, and the winding down of some marquee funds have marred the industry as of late and dominated headlines.
There is another problem, too, and it's one fewer people are talking about: all the money is going to a handful of funds, it is harder than ever to set up a new fund, and there is less diversity in the industry as a result.
Rory Hills, founder and partner of Hilltop Fund Management, touched on this in an i