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Read getting the best of it by david sklansky, focus only on the first 85 pages on the odds.

BE CAREFUL hiring a person to strictly raise assets. It is my understanding the person's job title, responsibilities and compensation must be based on something other than assets raised. In order to have a sole responsibility to raise assets a person must be a licensed Broker/Dealer. This is...

I would be happy to share a name and contact person @ the firm. Just PM me.

The world of fundraising money is both hard and filled with a great deal of rules. I would suggest that anyone looking to start a fund retain a good lawyer who is well versed in the space. You need to be real careful how you raise the money and how you keep people informed. The last thing...

Ed, I am not sure about the no mgt fee arrangement. My guess would be it is a hard sell to the TPM, because they are guaranteed no money. I would think their preference would be a guaranteed piece. However, if your record is stellar and you find the right firm, they may be willing to...

Avid, The deal with a 3TPM varies from person to person. They usually charge more for a smaller shop (they know the extra funds are worth alot more), I have heard anywhere from 50 to 75 basis points of the mgt fee. I would be real reluctant to give up any performance. Also, your...

It is nice to see a CTA/HF thread last on the site w/out a prop guy posting the anti-fund rant. The TPM guys can be very helpful or hurtful, they are much like the headhunters, some paper the street w/ your deck, others have in-depth knowledge of client needs and try to make proper matches...

Sorry, maybe I was not clear; I meant 5% of our 20% performance fee, so w/ 20% return on 20 million, the fund gets 800k, so he would get 40k. Is this in line?

he wants us to make him an offer, we can live with 5%, but no more.

I am in the process of launching a new fund. Since the beginning of the process my partner and I have leaned heavily on a business school professor with impeccable credentials and a large array of contacts. We would like to bring him on as an advisor/consultant, but to keep start-up costs low...

Banc of America looks for accounts of 10 million. They will make exceptions (say you have 7 with a real prospect of getting to 10 quickly). It is a tough game for the smaller funds, you are probably better off using an intro broker to one of the big houses.

I am in the process of starting a small HF, most of the large bank prime brokers will not be interested in working with you until you reach about 10 million AUM. Their trading fees can be a bit expensive .015 per/share, but their lending rates are better than most of the middle introductory...

the continuing ed portion of the test is impossible to study for; you just read the paragraphs and then answer questions. The only way to fail is to get enough wrong that you run out of time. You can then retake the test in 30 days. The series 7 itself is also not real hard, all of these...

How is a drawdown calculated? Is it the same as taking your STD Deviation * 2.33? I see this talked about all the time, but coming from a sell-side prop desk we never used the "drawdown" terms?

How about another shop which is willing to put up their capital with yours and shares loses and wins?

I know it is a prop shop, how is the work enviroment? Are they receptive to hiring experienced traders? What type of capital allocation do they offer?

I was looking around at some of the prop firms and came across first new york, I was wondering does anyone work for them? How receptive are they to experienced traders? What amt of capital allocation can someone expect from them? Any other thoughts would be great.

We are a long short equity trading team, our strategy yields 10% alpha, with a beta of 0.

Thanks hedge fund, we realise we will give up some equity in return for the starting funds, we are open to this if the person will be a true partner. Also, we were hoping for some type of expiring arrangement where the person would be levered out over time. What kind of money do they start...

i am series 7 & 63 licensed