There was a day when the biggest names in the hedge fund industry (hedge fund news) were so intimately connected to their funds that the thought that someone else could continue the tradition was not taken seriously. So when the likes of Julian Robertson and Michael Steinhardt decided to retire, their entire firms shut down. But today's biggest names may be more interested in leaving their firms as a legacy.

Bloomberg reports that "some of today's most successful hedgies are surrounding themselves with experienced traders in an effort to keep clients from pulling out after they stop running the funds." Steven A. Cohen, the founder of SAC Capital Advisors, has picked four people that some think are in a horse race of sorts. Louis Bacon, 53, founder of Moore Capital Management, recruited four senior managers in the past 20 months, who may be in the running. Thomas Steyer, of Farallon Capital Management, designated a successor. This is smart. The question for old guards is whether they can really stay away.

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