Star fund manager Ken Heebner may be picking the wrong time to get in to the hedge fund business. The Boston Business Journal reports that Heebner, who manages the Capital Growth Management Focus Fund, has set up a side hedge fund business called Wayfarer Capital LP. Wenli Tan, a Morningstar mutual fund analyst, told the pub that Heebner's side project could distract him from managing the Focus Fund at a time when the markets are highly volatile. Also, Tan added that the market for hedge funds has all but dried up recently as investors seek safer investments.  

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