Manhattan's U.S. attorney says Chilowitz, a former employee in Morgan Stanley's information technology department, stole a list of Morgan Stanley's hedge fund clients and the calculations of rates each paid for prime brokerage services, a booming business for investment banks that includes securities lending and financing.

FORBES: Pilfering At Morgan Stanley

As for that UBS tipping case, 12 of the defendants have settled or pleaded guilty, including Mitchel Guttenberg, the former institutional client manager of UBS's research department who was accused of selling upcoming downgrade tips to hedge fund clients in a scheme hatched with a friend at New York's Oyster Bar.

FORBES: Tipping The Shorts

If a fund soaked its clients a lot last year, it's probably going to do the same this year.

FORBES: Hidden Expenses

The company, headquartered in San Antonio, Texas, manages 13 no-load mutual funds in the U.S. Global Investors fund family, as well as funds for international clients.

FORBES: Why Resource Investors Can Expect Sunnier Days Ahead

The death of many of the industry's tiddlers will compound a trend that started in 2006, of clients consolidating their hedge-fund holdings with a few big managers.

ECONOMIST: Hedge funds in trouble

And while his style may not have been flashy or eye-catching, the returns he generated for clients were dazzling--so dazzling that Neff's track record may be the greatest ever for a mutual fund manager.

FORBES

Mr. Baish, for instance, looks first at a fund's performance to get a sense for whether it might produce the sort of returns his clients need.

WSJ: What Is a Sharpe Ratio?

Over the next two days, Morgan Stanley and the other underwriters called their top institutional clients, including mutual-fund giants Fidelity and Capital Research and Management, saying their analysts had lowered Facebook's earnings and revenue estimates, according to people familiar with the matter.

WSJ: Morgan Stanley Was 'Driver' on Facebook's Wild IPO Ride