8 star managers who flew the coop

2 of 8

Chuck Akre

Previous gig: As manager of mid-cap oriented FBR Focus (FBRVX), Akre 67, built one of the best long-term records in the industry. From its 1996 inception through 2009, the fund had returned 13% annually.

Why he split: When FBR Capital Markets' ownership changed hands last year, Akre says, the fund company asked to renegotiate his arrangement. He declined -- and left to start his own fund, Akre Focus (AKREX).

Today: FBR retained his analyst team, but Akre lured away some of his investors. His new fund's assets are approaching $200 million. "We're pleased that some of the investors from the old fund came over," he says.

NEXT: Tom Marsico