Is it true that big multi managers hedge funds portfolio managers who have very good return record are given big trading books to manage which size is 1-2 billion? Basically what is size large pod or trading book in big multi manager hedge fund?
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1-2 billion isn’t that large
Yes 1-2 billion is large. But i want to know that what is the range of large book size?
Largest are $3-4bn for the most part.
is this levered or unlevered? Also, when a HF lists their AUM, is that levered or unlevered? May be a stupid question but I’m new to the industry
Definitely this.
If we do some quick estimations. Take a large MM HF like Millennium with ~$50B AUM. Say they lever 2x for simplicity that is $100B distributed among ~200 or so portfolio managers. If everyone gets an equal share its around $500M for a book, but we all know they give the best PMs a larger book and newer PMs smaller. It's not a stretch to see that a large book can reach the $1-2bn range. And if you are looking for THE LARGEST $3-4bn for the most part would be reasonable.
It depends on the firm - e.g., Citadel gives more capital to the top performing PMs than P72
What is the size of big capital?
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