A number of friends/acquaintances want to give me money to manage on their behalf. Obviously if I were to do this under a personal account it would be illegal. So how hard/costly is starting an investment fund that can take money from other people? I would just want the cheapest, simplest legal structure possible and all funds would be from people I personally knew. I say "hedge fund" because I imagine that the legal structure they follow is most conducive to what I want to do but I am not married to any particular fund type/structure. For what it's worth, my investing style is macro-based, and I would want need access to FX and US equities/ETF markets. I know this kind of thing might not be practical at this point but I was just wondering if it was.