Coming from the startup world where exit strategies are the norm, I am curious, what are the exit strategies for hedge funds? What type of valuation is given (other than AUM) to a smaller hedge fund or prop shop that wants to be acquired by a big bank or another large hedge fund?
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The only thing you could sell is the algos.
Seeming as most of the value driver is the people I doubt you would get high multiples as the risk of them leaving is too high. Likewise you could just poach the staff you want rather than buy the firm.
Lol HFT's new account???
As said above, the algos are just about the only thing you "sell". And banks stopped buying HFs and prop shops a long time ago, most notably the "smaller" ones.
HAHAHA. Nice Catch. It isn't HFT, It's Covfefe. HAHA.
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