Investors pulled $21 billion in June from hedge fund managers, with those most impacted falling in the equity long / short category, a Bloomberg Brief report pointed out. With hedge funds in a drawdown, now is that time that “cubs” are emerging from under the wings of larger managers to set up their own funds, fund of funds manager Protégé Partners observes, who looks to niche strategies to find noncorrelation. Long / short equity funds were the hardest hit by the hedge fund withdrawal, with just under $10 billion being subtracted from their assets under management, an eVestment report noted....