THIS IS THE ANSWER TO YOUR QUESTION .
Nice to see after 5 pages of babble no one is yet to give you a definitive answer , thought this was elite trader not amateur trader.
Having done that been there and got the T shirt if you like my recommendations would be :
The way the big boy¡¦s achieve a nice fully audited account is essentially in 3 stages : Investment manager sends a trade to the PRIME BROKER , prime broker sends an electronic notice to your fund administrator, once your broker has filled you another signal is sent to the admin and obviously the investment manager. The administrator then does a reconciliation check through an independent source i.e Bloomberg. Once a year you bring in the accountant with the best name you can afford and they then check the trade logs, administration logs, and money flows from your bank account. From what I can gather its quite a detailed process.
In an ideal world that¡¦s what you need to do to impress the most sceptical of investors. When we 1st started to look into setting up a fully fledged offshore hedge fund and management company we were quoted 100k + the fact is you can do it far cheaper. You really have several options.
You can set up a domestic U.S. hedge fund for accredited investors and your ¡¥chmp change¡¦ relatively easily and cheaply. Our fund manager did 90% of the legal work himself for our old fund, I¡¦d be happy to send you the relevant documents. Or if you really want to impress why not set up your own offshore fund, with a view to raising institutional capital , ¡¥chump change¡¦ is just too much hassle. I have an administrator contact (well respected) who can form your fund for $15,000 US. That¡¦s a full ready to go fund all legal fees etc domiciled in the BVI or where ever. A major cost will be admin, but you could probably do a deal, after all you could be the next Soros ƺ . Finding a prime broker might be hard, as most like to see around 3 mill us $ before they take an interest . But again I have several contacts who might be able to help you out. 6 months or a year down the line , you bring in a good accountant to do an audit ,. We use RSM Rhobson Rhodes in London who have really bent over backwards to help us out, like you¡¦d not believe!
My company on the other hand unfortunately didn¡¦t take the above route and we have paid for it dearly ! You seen to have a good broker who has supplied a good paper trail ours did not. You can get an accountancy firm do a mini audit which is basically a series of tests to prove your record but its not a full audit. It also helps if you have all your trade logs in electronic formats so investors can bang them into due dill programs and investment analysts (analists) can work there magic on them .
You then tout your track record around the (start up) investors and hope for the best. Not sure if you have any intuitional background it does help but its not entirely necessary. Our investment manager was voted the best analyst in the world by Wall St, Times back in 96 I think which looks good on the company brochure. It is extremely difficult to raise any money these days but it can be done and the rewards for even raising 5 ¡V 10 million are great. If you decide to go down this route I have a number of contacts who provide seed deals $1-$10 million. Don¡¦t let anyone tell you otherwise but there is a global lack of talented traders out there and the good ones close their funds real quick.
As for the incubator route its ok , if you¡¦re a. lazy , b. have no business sense, c. cant be bothered , d, want to give away huge chunks of your fees .
If you want me to go into more depth email me: neil@capitalfirst.co.uk . I have 2 very good contacts in Toronto who you might be interested in. One of them raises money for Canadian based hedge funds with investors in Europe. He¡¦s seeding new managers now as it happens.
Good luck.
Neil .
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If you can see the bandwagon , you've missed it !
Nice to see after 5 pages of babble no one is yet to give you a definitive answer , thought this was elite trader not amateur trader.
Having done that been there and got the T shirt if you like my recommendations would be :
The way the big boy¡¦s achieve a nice fully audited account is essentially in 3 stages : Investment manager sends a trade to the PRIME BROKER , prime broker sends an electronic notice to your fund administrator, once your broker has filled you another signal is sent to the admin and obviously the investment manager. The administrator then does a reconciliation check through an independent source i.e Bloomberg. Once a year you bring in the accountant with the best name you can afford and they then check the trade logs, administration logs, and money flows from your bank account. From what I can gather its quite a detailed process.
In an ideal world that¡¦s what you need to do to impress the most sceptical of investors. When we 1st started to look into setting up a fully fledged offshore hedge fund and management company we were quoted 100k + the fact is you can do it far cheaper. You really have several options.
You can set up a domestic U.S. hedge fund for accredited investors and your ¡¥chmp change¡¦ relatively easily and cheaply. Our fund manager did 90% of the legal work himself for our old fund, I¡¦d be happy to send you the relevant documents. Or if you really want to impress why not set up your own offshore fund, with a view to raising institutional capital , ¡¥chump change¡¦ is just too much hassle. I have an administrator contact (well respected) who can form your fund for $15,000 US. That¡¦s a full ready to go fund all legal fees etc domiciled in the BVI or where ever. A major cost will be admin, but you could probably do a deal, after all you could be the next Soros ƺ . Finding a prime broker might be hard, as most like to see around 3 mill us $ before they take an interest . But again I have several contacts who might be able to help you out. 6 months or a year down the line , you bring in a good accountant to do an audit ,. We use RSM Rhobson Rhodes in London who have really bent over backwards to help us out, like you¡¦d not believe!
My company on the other hand unfortunately didn¡¦t take the above route and we have paid for it dearly ! You seen to have a good broker who has supplied a good paper trail ours did not. You can get an accountancy firm do a mini audit which is basically a series of tests to prove your record but its not a full audit. It also helps if you have all your trade logs in electronic formats so investors can bang them into due dill programs and investment analysts (analists) can work there magic on them .
You then tout your track record around the (start up) investors and hope for the best. Not sure if you have any intuitional background it does help but its not entirely necessary. Our investment manager was voted the best analyst in the world by Wall St, Times back in 96 I think which looks good on the company brochure. It is extremely difficult to raise any money these days but it can be done and the rewards for even raising 5 ¡V 10 million are great. If you decide to go down this route I have a number of contacts who provide seed deals $1-$10 million. Don¡¦t let anyone tell you otherwise but there is a global lack of talented traders out there and the good ones close their funds real quick.
As for the incubator route its ok , if you¡¦re a. lazy , b. have no business sense, c. cant be bothered , d, want to give away huge chunks of your fees .
If you want me to go into more depth email me: neil@capitalfirst.co.uk . I have 2 very good contacts in Toronto who you might be interested in. One of them raises money for Canadian based hedge funds with investors in Europe. He¡¦s seeding new managers now as it happens.
Good luck.
Neil .
-------------------------------------------------------------------------------
If you can see the bandwagon , you've missed it !