Your answer and several others would make sense if the original poster already had $50M in investor capital lined up. I'm guessing he/she doesn't. In which case hiring your cousin Vinny to do your legal work and your brothers friend's nephew to do your compliance will make it incredibly difficult to get any outside capital, and you'll never get institutional money. Sure you're buying attorneys Porsches, just like you're buying professional athletes Porsches when you buy a ticket to a game or pay $120 for a jersey with $15 worth of cloth and labor in it. It's the ticket to entry.
A good deal of the advice on this thread completely ignores both the difficulty of getting capital and the amount of capital you need to make enough even as a one person shop to make it worth your while. Capital doesn't magically come to you just because you can post a good 3 year track record. You don't start a hedge fund in a garage any more than you start an investment bank in a garage. Take a look around at the successful funds started in the past 20 years. Let me know how many are earning their founder more that $100K a year and started in a garage by someone with no industry pedigree paying less than 6 figures for their combined legal and compliance costs? I've got every advantage in the world to start a fund with the exception of working a buy-side job, and I'd give my-self low single-digit percentage chances of success, and that would require huge amounts of work and luck in equal parts. It sucks, it's probably not how it should be, but it is reality, and as someone who's started a couple companies I value painful reality advice much more than overly optimistic bullshit.
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