For larger funds it's less of an issue from a keeping the lights on perspective but in general and especially now with poor performance, no one is going to keep

For larger funds it's less of an issue from a keeping the lights on perspective but in general and especially now with poor performance, no one is going to keep money in a fund that is losing money. It takes time and a track record to become a larger fund and no one is going to risk all of that to coast on management fees.