Performance of the best PM’s at MM’s?
Just some questions on equity L/S MM's, would really appreciate it if anyone can offer some insight as I know very little atm.
1) What is the average allocation per pod at a top MM?
2) Is the amount allocated already levered? E.g. if a PM is allocated $250m, can that be levered up 4x to $1bn? Or, is the allocation already levered so in this case any returns made are on the $250m?
3) What is the average team size per pod?
4) I understand that turnover at these places is very high, how much of that is a result of teams blowing up and getting fired vs leaving for a better opportunity elsewhere?
5) Finally, what sort of performance is considered mediocre/good/incredible under a market neutral strategy? (e.g. 2/4/6% ?)