AM vs HF?

What are some of the differences between HF(Particularly long-only fundamental hedge funds) and public asset managers that abide by 1940-Act like MFS, Neuberger Berman, Wellington Management, Loomis Sayles, Franklin Templeton, Putnam, Cap Group etc.?

Some differences I can think of are tax impacts of trading, client type, and reporting frequency which may all impact investment process. But for the most part, are the roles and skill sets interchangeable? Why is a career in asset management talked about so much less than HF? 

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