A decade ago legendary hedge fund manager Julian Robertson Jr. decided to close the doors of Tiger Management Corp. to outside money after its assets had shrunk 70 percent from a high of $22 billion in 1998. The longtime value investor hadn’t been wrong, he had just been early, betting against the huge run-up in tech and telecom stocks. Still, Robertson’s investment record at Tiger is dazzling; he compounded net annualized returns of 25 percent from 1980 to 2000. But even more impressive is the legacy of investors Robertson has mentored — the fabled “cubs” — who worked as analysts at Tiger or were later seeded by him.

Three of those cubs are featured in Institutional Investor’s 2010 Hedge Fund Rising Stars. The ranking, which marks its eighth year and its first under the editorial direction of II magazine, recognizes individuals whose accomplishments stand out on the hedge fund horizon. The 31 Rising Stars, including managers, investors, consultants and prime brokers, will be honored on June 21 at the Hedge Fund Industry Awards dinner, where Robertson will receive the Lifetime Achievement Award.