The bulk of hedge fund start-ups have their foundation to some degree in the 'the grass is greener over the fence' feeling. The industry, certainly in Europe, is just too young for school and university leavers to be dead set on a career in hedge funds.
So, the bulk of new managers come from the institutions and fund management houses where they learnt their trade as traditional long-only money managers or analysts. The first big business decision the new manager makes is whether or not to
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