MM Mkt Neutral - External funds under the umbrella?
I came across a team working in a MM platform (one of the top 4 names) that has its own fund "name" or at least it has a registered corporation as if it were independent. The PM has quite a long track record (successful I'd guess).
How does it work? There are funds managed independently by PM that are though under the MM platform? Does it mean that the strategy is their own and not necessarily mkt neutral as being part of such a MM would imply?
I thought pods were all there working independently yes but still for the same institution (so subject to same rules in terms of risk, etc.).