Hedge Fund at trading desk

Hi Wall Street Oasis,

For a trader at a sell-side desk, able to take prop positions, at what point would he be considered a PM-equivalent at a hedge fund? Specifically, what are your thoughts on:

1. He can prop trade max size US$100mio, say US$2mio or 2% annual SL. So can he call himself a PM with a US$100mio AUM? Other than title, are there differences trading wise.

2. Would there be any incentive for said person to jump to a HF with a US$100mio portfolio AUM?

Just wanted to compare prop trader at SS vs PM at buyside.

Cheers, Nijikon