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Numeric runs all 18B on SAS. I should have added that we are not doing any high frequency stuff with this...some intra day but no high freq.

Some of the biggest quant firms on the street use SAS for backtesting and automation. We are not in the league with the biggest, but we force all of our new quants to learn SAS day 1 and all of our systems are written in SAS. the statistics are fast and error free and when you are developing...

E&O insurance has nothing to do with trading errors!

the usvi is the worst idea ever...when the law was first passed in the mid 90's (some kind of redevelopement act because the US was embarrassed that the USVI were the shittiest most dangerous islands in the caribbean) about 100 hedge fund managers moved down there. the problem was the IRS was...

there are lots of ways to structure companies so that you pay very litle taxes...move to canada and you have a 5yr tax holiday...in the uk you get a 7yr tax holiday>>>you do not have to pay taxes on all of your trading if you structure yourself correctly unless you are from the communist...

I am 100% sure that if you leverage even 1$ of margin in your IRA that you have to pay UBTI (not UBIT) on all gains derived from this leverage. I know because I had this happen to some of my US clients in my onshore fund and I moved them to the offshore fund which solved the problem. Also I...

you don't pay 1 penny of tax if you are an offshore investor. so offshore hedge funds dont pay anyone tax (US investors are not allowed). the only thing a US citizen can do to get similar treatment is give up their citizenship. makes tax planning easy really.

The A holes in congress took our deferral away Jan 1 2009 (republican senator snuck it in to some freedom fighters bill to fund 911 heros or some bs like that). We can still keep deferring for 10yrs if we choose, but frankly none of us are that stupid. HF managers are paying taxes on their...

Hmmmm. Turning a hedge fund into an insurance company through acquisition has to be one of the top 10 tax dives of all time. Let's see, if we operate as an insurance company, and write enough premiums to call all of my investments reserves then we won't have to pay a 40% corporate tax rate...

Management fee on 100M too small?! Egads Surf! The fund bears all of the expenses! Expenses from administrators, prime brokers, tax, audit, legal, etc, etc are directly to the fund. Now it has to be 50M+ or the investors wont bite because they know how much they are paying. Basically, it is...

if you go to a decent prime broker, many introduce GSCO, or penson, but perhaps they charge these fees to you from the introducing. Anyway, I use UBS now and before I used GSCO (the old SLK). Both of these brokers actually pay me roughly the fed funds rate when I borrow stocks in the US. They...

SEC's ability to regulate fund industry was overturned last year by supreme court. No fund manager is required to register now, even if assets exceed 30M

I can tell you from experience that launching a fund is a daunting task that requires many experienced people (more admin and back office than you can ever imagine). Top tier legal is 40K+ and double that for a master/feeder structure with one onshore fund and one offshore. I would not even...

Not all funds book incentive fees annually. In some instances it is common for funds to book incentive quarterly. So they could have done well in the first half and booked their 700M from that and then when they lost money in the last half they just move further from the high water mark but...

Make enough to retire, then retire, then you are successful. In this business "it aint over until the fat lady sings" and I'm sure you can get plenty of stories right here about how someone has made and lost millions.

How about a hedge fund manager, since most of them aren't registered with anyone.

The IRS is vague about a lot of things when it comes to trading, but one thing they are not vague about is that any and all income derived from trading is not earned income and therefore if you decide to simply pay employment taxes and open an SEP, etc you will be using unearned income to fund...

If you ever want to get a single institutional dollar you have to use a citco or a fortis or a ubs, etc for admin. There is some barrier to entry now as not only do these type of admins generally start around 70-120K in annual fees but they will not even take you if you have less than 40M...

No. Non US based funds will not accept US investors.

advent is known for its shitty customer service. I dont know if you are looking just for software or an actual administrator, but as far as admins go if you are less than 50m now days they dnt want your biz so you hadbetter just take what you can get if you are under that size. we are happy...