Last month, managers and allocators in the $4.7 trillion industry had many opportunities to compare notes and share gossip. Events hosted by Goldman Sachs and industry consultant Kepler at Citi Field and Wembley Stadium, respectively, brought hedge fund managers and those who invest in them to sports venues. Meanwhile, Morgan Stanley and Citi held more low-key affairs in venues based in Greenwich and Manhattan. Younger managers refusing to take SMAs found their dance cards empty at these conferences, two people who attended the Citi and Morgan Stanley conferences said. "You can't raise money from institutions anymore without saying yes to SMAs," one fund manager said.