Hedge Funds .... The New Investment Banks?

There is an interesting article in the Times Online that discusses potential changes in the hedge fund industry. Given the current shake-out, the article predicts that in the future there will be more multi-strategy funds as smaller and medium size hedge funds begin to consolidate, effectively organizing in a way to help reduce exposure to a single market strategy. This will allow hedge funds to mimic an investment banking model in that there will be numerous trading operations under one roof, essentially allowing the large multi-strategy funds to operate as a fund-of-funds. While the large multi-strategy funds will act like investment banks, smaller boutique hedge funds will continue to attract high net worth investors due to both their focus and their ability to adapt quickly to changing market conditions. While significant, such changes seem natural and present an opportunity for the industry. No longer would we need to talk about a Lehman or Goldman acting too much like a hedge fund. Now the hedge funds will be compared to the investment banks. What's old is new again, or do I have that backwards?