Your expenses are high. It depends on the level of sophistication your clients require. if you are trading just stocks and it's just yourself, you can keep your overhead and startup expenses low. You can run a 5MM fund and make it worth your while.
If you need to run a fund that's more "institutional" then your overhead goes up a lot. I think you can get by with a 10MM fund (to keep the business cashflow flat) if you are aiming to source from family offices. As you grow the business you will have to invest further into it but you can get positive operational cashflow from the get go.
Admin fees are only 1% if you don't satisfy an initial requirement or if you are doing active trading in many currencies or trading OTCs.
Admin and audit fees can be entirely avoided if you run SMAs.
