Eye of the Tiger Turns to Robertson's Succession Plan

A glittering track record and sterling reputation have sheltered hedge fund manager Julian Robertson from off-base market rumors and the occasional performance-based worry. But the Tiger Management head is finding even he isn't immune to concerns about who'll take the helm when he departs.

Last Friday's rumor that the Federal Reserve was organizing an emergency bailout of Tiger sent the Dow tumbling more 1%. The rumor, which turned out to be false, illustrated once more that the mere mention of Tiger's name can move markets.

But it also exposed a thorny question at Tiger: Who would steer the massive hedge fund were Robertson to step down? Though Tiger says it has "an enormous depth of talent" under Robertson, the succession question has weighed heavily enough to prompt changes in how Tiger investors' money is being run. ...