IBD Skillset for What Types of Funds?

What HF strategy types do former IBD people pursue when moving to an HF?

What position does an ex-analyst or an ex-associate have when joining these funds? What is expected at the ex-analyst level, ex-associate level?

In banking, you hear that attention to detail differentiates analysts/associates. Is there an analogous differentiator in the HF world?

What are the challenges of the transition? Are there common mistakes that former IBD'ers frequently make? Are there aspects of the job they are relatively better at? Who are they competing with?

Thanks in advance for any comments.