Am I getting a fair share of bonus?

I’d say if you’ve been with the firm for ~2 years now, are succeeding and are an asset to the firm you definitely have to value yourself and ask for more if you feel you’re being underpaid. Maybe don’t expect them to give you all 100 points up but a move up to 3% even would be a very solid increase.

a PM at a multi-manager will make 15%-18% of their P&L...lets assume 15%..with a base case of 100mm AUM per PM

do you feel that if you went over to a MM now, would you be able to replicate your success on your own? (lets say you make 10mm trading....bonus = 1.5mm)

What is missing, if anything, between what your PM does, and what you do?

What specifically is your value add...how easily replaceable are you?  Could you replace your PM?

OP - I think taking a longer term / bigger picture approach may be better for everyone. Approach the conversation this way: let your PM know that you see a long term career at the fund and you want to forge a long-term compensation plan that reflects that. Tell the PM you want to set a compensation schedule where, performance warranting, you earn [10%] of the fund's fee pool after 7 years (interpolated in the interim years). Fill in the blanks as you see fit, but this would get you an annual increase without having to renegotiate so often. I had a friend negotiate exactly this and the conversation was received favorably and ultimately implemented.

You're getting 2.5% of PnL regardless of your own contribution? That's pretty generous. Unless you've done the math that the PnL of your direct contributions is being diluted by other stuff in the book and you want to unlock that value for yourself. 

2.5% of total PnL is very good for an analyst.

Normally when people say Pnl they mean direct Pnl not fee level, but also in terms of their own contribution (their names) vs the total book.  

What does this 2.50% translate in dollar terms roughly? Personally, I'd wait a year and position a case justifying the higher share when you have more facts and figures. Or alternatively, if you think the 2.50% is undervalued (if crystallised in today's dollar terms) ... you could ask to reinvest the full 2.50% into the firm for a higher PnL share (and include a risk premium/ i.e. the arbitrage view)... and then communicate a value-add proposition underpinned by longevity and progression. The hedge is your salary (not too far off market) but taking a gamble on the prospect which could turn out golden. Legal terms around the profit share all tight I assume and on an undiluted basis? If this firm gets acquired down the track, thats the added-kicker. Either way, seems like a good ticket. Just depends on whether you subscribe to their vision and growth trajectory, and no blurred lines around cost leakage (especially the discretionary kind). Maybe confirm the PnL share is pre discretionary bonuses ... otherwise your 2.50% means crap if they pay themselves major bonuses to effectively devalue your share.

This sounds like an interesting structure. How do you verify the $ you receive actually corresponds to the agreed %? Do they give you visibility into the financials and total fees received? Seems like it would be somewhat awkward to implement.

Zero is a fair number. Anything in excess, consider it a bonus

Any link from performance to pay that’s transparent is good for your level of experience. If I knew I could get something like this I would probably take it. 

I'm surprised you are getting a % of the incentive fee at your level. That's a good thing.