When Antonios Kypreos started investing on behalf of his father’s estate in 2005, it didn’t have enough money to meet the minimum investment tickets that big hedge funds asked for. These days, it has the money to invest with those larger funds – but no longer the motive.

“We find a lot of times that when people get too much money to manage, the quality goes down,” said Kypreos, a partner at Axion Single Family Office. “It’s typically managers that are [managing] $1 billion and below that have the real edge. They aren’t able to take money from the pension and sovereign wealth funds.”