Lack Of Exits At MF?

I was looking at a boutique mutual fund which has a $xb l/s portfolio, and I couldn't find a single person that left the fund to work at a l/s hf. Why might this be? The fund is a value based fund which I know is considered to be a slower moving style than most l/s funds, but assumably the skills would still transfer right? Or you'd think that someone would at least exit to a value based hedge fund right?For additional context, most people that left went to IB.

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