$40M AUM

It's going to be considerably less than what you would assume a HF analyst is going to make, but it's hard to give you an idea without knowing the fee structure, how many analysts, etc.

Edit: Also where it is located will be a factor too.

Assuming at standard 2/20 model, the firm will have a total annual operating budget of 800k. Doesn't leave too much to throw around in terms of salaries for jr people, once you consider general overhead and 2/3 senior guys. Though they will need to be somewhat competitive to attract talent. I'd view it more from a long term perspective, ie if it works out and the fund blows up, you'd be one of the first hires which would have potential to pay huge dividends.

Depends how greedy the PM is. I would say base anywhere from $45-60k. No idea about bonus. If you want to get paid right I would say you need each person on the team running at least $100mm.

Is the $40mm friends, family, and partner capital? I doubt any big institutional money would a) invest in a fund that size and b) be willing to pay 2/20 (especially given the downward pressure on fee structure). Any idea if the fund is being seeded by a larger more established fund?

I would negotiate for a low base $60k and a participation in the carry. Otherwise, I don't see how they attract decent talent (with 2-3 years of experience).

Enough to let you eat and have a roof over your head (assuming its not seeded and just building a track record before raising another $100mm+). Your comp is the option value of the funding growing rapidly, make sure there is a either 1) a formal mechanism for you to participate or 2) you trust the PM/partners to take care of the guys who were there during the lean times

Not trying to hijack here but similar question for a 2-3bln AUM RIA.