Okay, I should have put money on my prediction that David Glancy left Fidelity to start a hedge fund. On Thursday, the Wall Street Journal reports that he did leave for this very reason and two more Fidelity fund managers have left for the same reason. Hedge funds provide managers with a huge opportunity to make lots of money, plus they don't face the same regulations that mutual funds do.

Hedge fund regulation may change soon, though. Federal regulators are trying to give the SEC more power in regulating the $600 billion industry. Just last week a judge sided with the SEC on hedge fraud. Learn more about Hedge funds.