Hedge Fund large Trading Book

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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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

 
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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. 

 

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