JOHANNESBURG — Sygnia CEO Magda Wierzycka‘s announcement that her firm is closing all its hedge-fund products after a 13-year long strategy has sparked quite the debate in the industry. In a piece she wrote for Business Day, Wierzycka slammed hedge funds for becoming a “management-fee racket”. In her article, she also said that in closing Sygnia’s hedge fund products, her company has also “fired all hedge fund managers and hopefully closed a chapter on this form of investing”. She also cited the rise of passive or index-tracking investments as shining a closer spotlight on the hedge fund industry’s performance and fees.