Hedge Fund Succession

Fellow WSO-ers,

I am a prospective monkey looking to get into the HF industry (I like Mortgages), and I was recently reading an article about Druckenmiller closing his fund. I started thinking about Warren Buffet and some other legends of the industry growing quite old and I am wondering how they will go about "passing the reins" to the next generation of managers. Will they give up and close their funds, like Druckenmiller, or will they make elaborate searches for their successor, like Buffet has done with Combs.

There are a some firms with relatively obvious successors, Soros will pass it along to his sons, but how do you more experienced guys see this situation evolving. Will other managers start to look for candidates that they can groom for managership. Thanks for your input