There is an asset or two that do that on NXT Asset Exchange right now, and it's decentralized in the sense that the technology they run on is decentralized. However, that particular asset issuer is still a person or a company and could be thought of as a single point of failure.
The good news is they are working on a multisig solution now, which I think is scheduled to be included in the 1.5 release some time in January-February, which will at the very least function like it does in Bitcoin, but there is an ambitious plan to code a more advanced function to allow shareholders to exercise control over funds that go to the asset issuer account, so that the asset issuer could not spend those funds arbitrarily, but only after shareholders' majority vote to authorize this or that transaction (this can stop scammers to run with the funds they collected). Not sure how this function would be beneficial for a hedge fund use case which needs to execute trades on a regular basis, because voting on each trade is not practical, but for other assets this Phasing feature will be quite useful.
Anything that mentions NXT (or any other PoS scamcoin) is almost certainly a bad investment.
The problem with the OP's proposal is that there is no reason to allow "the community" to decide which investments should be invested in. The reason why hedge fund managers are paid a lot of money is because they know what they are doing and have a lot of experience
