Page 266

alysts, and other industry participants and another 20 percent on management.

He gives considerable attention to the health of the organization. "I don't spend a lot of time staring at my screen."

His passion for surfing is evidenced by a photograph of him riding the big wave at Sunset Beach in Hawaii. He also loves music and plays rock guitar in the No Dancing band. He is the chairman of the board of the Piatigorsky Foundation, which brings live classical music to places where it may not otherwise be found such as rural districts of North Carolina or a boys' correctional facility in Texas.

THE FUTURE OF THE INDUSTRY

Wilcox believes the hedge fund industry has rapidly expanded and may soon go through a consolidation phase. "Some managers haven't earned their 1 percent management fee/20 percent incentive fee," says Wilcox. "As a result, you could see some differentiating in pricing." One such example could be the increasing use of the hurdle benchmark such as Cumberland instituted with Benchmarked Partners. He expects to see more performance-based fees as the 1 percent/20 percent structure comes under pressure.