$1bn in assets isn’t much, at the high end you can charge maybe $20mm a year (hedge fund), at the low end a few million (public equity fund). That needs to pay not just execs but accountants, etc.
Put another way, a $1bn hedge fund is considered a small boutique that typically only employs a handful of people.
Put another way, a $1bn hedge fund is considered a small boutique that typically only employs a handful of people.