Are PMs at Multi-Manager Funds Paid as 1099 Consultants or W-2 Employees?

Are PMs at Multi-Manager Funds Paid as 1099 Consultants or W-2 Employees?  Do you have the option to make your choice or does the fund make the choice for you?

The 1099 can be to the individual directly, to an LLC, or to a S-Corp.

What are pros/cons of 1099 vs W2? 

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