Geez...
He may as well have plastered his name on a new restaurant or on a new line of jeans. I wouldn't think an institution would give his organization funds to manage just cuz Ron got tired of show biz.
I feel the fund of funds is a good idea but to call the person a hedge fund manager..... they are a glorified mutual fund but pick other hedge funds instead of stocks.
Due diligence usually is just a review of returns and volatility and Sharpe ratios and a quick chat with the fund manager lol..