Well, that is their cup of tea. I thought basically their job is to pool capital from accredited individuals or institutional investors and invests in a variety of assets, often with complex portfolio-construction and risk-management techniques, so it is either they did not do their job well in that portfolio construction and risk management to have shut down, as I do not know how this could have happened with the market tanking down anyway.
It just seems a lot of them do not even have the experience or the know how when it comes to managing money, but because they want to make money and thought there is money in opening an hedge fund, they just ran into it.