Why do people move to smaller funds?

On a regular basis I see people moving from a large fund to smaller one.

One Example includes a friend of mine, who worked at a fund with approx. USD 50bn AUM and then did his MBA at an IVY. Afterwards even though he could return to that fund he instead decided to move to a smaller fund with USD 2bn AUM.

As I have seen multiple people do that I was just wondering WHY? On this forum it seems that everyone wants to get into a MF - if this is so great - why are moving so many people away from them?

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