Changes are afoot at North Sound Capital, the Greenwich, Conn.-based hedge fund founded by Thomas McAuley. According to an investor letter sent by McAuley, formerly of Tiger Management, North Sound’s total assets are likely to sink to $1.4 billion in January, down from what has been reported to be around $3 billion last year. No, North Sound is not another victim of a bad energy bet. Rather, it appears to be suffering from a failure to put enough money into their best investment ideas, according to MarketWatch. North Sound, says McAuley, will be heading in a new direction in the new year, as it expects to concentrate on developing fewer but stronger investment ideas. “We intend to increase our participation in our highest conviction names,” McAuley wrote in his letter, a copy of which MarketWatch had obtained. “I will continue to be personally responsible for all investment decisions.” And well he should – as one of his firm’s biggest investors, he wrote, “share concerns about recent underperformance. It is my belief that these changes will both address our performance and enable efficient management of the new capital base.” McAuley is not the only former Tiger manager to strike out on his own. MarketWatch notes that so many have, and have successfully attracted investor money, they have been dubbed “Tiger cubs.”