What does fiduciary duty actually entail legally?
I get that a HF can fire you for breaking its personal trading guidelines but there's no actual legal consequence short of material non-public info.
Disregarding performance, ethics, and feasibility etc. is there any legal consequence for working at two entirely separate HFs with non-overlapping strategies?
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Fiduciary duty is a myth, legally speaking. There is no legal precedent for that term / commonly misunderstood concept.
Fiduciary duty is simply a professional obligation and absolutely not a legal one. Which means is basically all relative.
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