We've got to try to figure out what the rules should be, sit down with top-tier firms and force them to accept them.
Another modeling manager at a top-tier firm described the show as a public relations gaffe.
But experts say this is the first time that a top-tier firm has decided to scrap a sizable fund that was nearly complete.
A general partner at a top-tier firm typically earns at least $1 million in salary.
Ms. Frazier and other limited partners said the success for investors depended on being among the top-tier firms.
Many fund managers who make a move from a top-tier firm to a smaller fund group must take a sizable pay cut.
The difference between investing with a top-tier firm and an also-ran can mean a difference of several hundred million dollars.
Partners at top-tier firms said grades mattered in hiring first-year associates, who may receive $135,000 a year (not including the bonus).
Andersen will be the nation's second largest and the fourth worldwide, while Price will be the smallest of the six top-tier firms, by both counts.
He joined not a top-tier firm, but a slightly down-at-the-heels Drexel.
