managed futures, CPO's and hedge funds

[fatman]

what is the difference in CPO's, CTA's, managed futures funds and hedge funds? is it just a structural/legal difference?

thanks

 

[ktm]

Quote from fatman:

what is the difference in CPO's, CTA's, managed futures funds and hedge funds? is it just a structural/legal difference?

thanks

CTA - trades money for others in separate accounts

CPO - pools money from others into one or more accts

Managed futures fund - either of the above accts

Hedge Fund - A broader term that has no standard legal definition aside from those managed investments which are "unregulated". This can include managed futures, securities accts or nearly anything else exempt from the 1940 Act.

 

[fatman]

how is it possible for a company to be both....for example campbell and company or graham capital are both, i think

Quote from ktm:

CTA - trades money for others in separate accounts

CPO - pools money from others into one or more accts

Managed futures fund - either of the above accts

Hedge Fund - A broader term that has no standard legal definition aside from those managed investments which are "unregulated". This can include managed futures, securities accts or nearly anything else exempt from the 1940 Act.

 

[wdscott]

Quote from fatman:

how is it possible for a company to be both....for example campbell and company or graham capital are both, i think

If a firm wishes to run a fund (CPO) and trade separate institutional or private-client accounts (CTA), as long as the proper documents are filed with the NFA and CFTC, there are no regulations prohibiting such activities.


Best Regards,
Dave Scott