Right, I've been discussing this with a friend and we've had opposing views. However, without much experience on the table I can't say it's one way or the other empirically. Therefore, I thought it's best to ask for more experienced people's opinions.
When PMs move from one fund to another, is it common for them to take their teams with them, or recruit anew? Do they have that kind of freedom or are they bound by what their new fund dictates in terms of recruitment etc. Also, how does their 'budget' work? Is it a fixed amount that they can use to recruit people or will the recruitment costs come out of their pnl?
Obviously the assumption is that they are ok with the existing team to begin with.
I'm curious on people's opinions or experience, I think that this is more of a hit and miss rather than a standard behaviour (whichever way it works).