RE: hanson
Hi Kyle,
I'm considering to launch a new multi-strategy hedge fund focused on smaller, niche-oriented Managers of the style that we currently invest in through Eagle's View.
If you are able, can you please give me a rough range of what the following positions are going for these days (if you can break out salary and bonus, that would be great!):
Chief Operating Officer #2 guy under myself. Someone who really has experience in managing people, operations, prime brokerage relationships, etc. Pretty senior guy but obviously not Terry Feeney of Millennium
Risk Manager- Pretty important role in the Firm. Would have a centralized risk system into which all trades would be fed real time. Risk manager would be responsible for setting risk limits, programming them into the risk system, and monitoring any deviations, etc.
Chief Compliance Officer- Obviously an important role. The new entity would likely fall under the relying advisor exemption and would rely upon the registration of Eagle’s View Capital Management, LLC which is an SEC registered investment advisor. That said, our current Chief Compliance Officer is good, but, he cannot handle all the moving parts of direct trading with numerous groups, and, a Fund of Funds (Eagle’s View) and Advisory Business (Eagle’s View). The rule is that we need one Chief Compliance Officer for the new entity and Eagle’s View if you are going to utilize the relying advisor.
Technology Manager- Since many of the strategies (especially in today’s world) may be technologically intense, quantitative, various forms of high frequency or low latency, etc., I need a dedicated technology manager who can deal with all of these issues/matters
Account opening/operations person- This person would be very familiar with the inner workings of the brokers and prime brokers. He/she would be in charge of getting various accounts opened, maintaining them, negotiating the best deals for rates, etc. In particular, would be familiar in making the most efficient usage of the capital by knowing how to get cross collateralization deals with certain primes and how to navigate those waters.
Operations persons (2)- Regular front office operations people who can reconcile trades with the brokers and deal with regular front office opertions, trade breaks, issues, etc.
Secretary/Bookkeeper- General helper to answer phones, staff needs, bookkeeping, etc.
Anything else you think I’m missing in the start-up phase? Obviously, we are trying to keep costs as low as possible in the early stages.
Thanks for your thoughts Kyle. Obviously, if this gets off the ground, we may be able to do some business together.
Thanks again!
Neal
Neal,
I'll get back to you next week on all of these.
Kyle J. Ramkissoon
Principal
IJC Partners, LLC.
(p)
(f)
(c)
FYI...Please see below. I am putting together the expense estimates, however, I am trying to do it as intelligently and accurately as possible. I have asked one of my friends who is a recruiter in the space to provide me with compensation ranges for the positions listed below.
I am away next week, but, I should be able to have pretty accurate and intelligent estimates on the cost of start- up and then implementation as things move further along.
As a placeholder, I have attached the 'back of the envelope' sketch that I had done myself based upon my own estimates. I'm trying to make it look nicer and gather more accurate intelligence before presenting it to Jeffrey or other investors.
Warm regards,
Neal
Neal,
What term can you outsource to start- as you will have way too many people doing nothing with the start of 3 traders?
Trader draw- 600k -more information on how you see a traders contract written/terms
Rent-
a. How large a space and where?
b. Cost to renovate the office?
Salary of 250k this salary as you have another 40% for taxes ++ on top of a 250 base
Need line items for insurance, phones, electric, security ect. Just take this schedule from your present office.
Put all software and hardware costs together. You don't have computers- actual computers?
As you said- this was quick- let's slow down and get one that is accurate. Have a fun week and let's talk when you are back.
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I'll get back to you on this later today/tomorrow...
Best,
Neal
No rush. Tks
Sent from Steve Hanson's Blackberry
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Steve,
I would like to sit down with you or speak by phone tomorrow if possible. This is very important to me and I will only take 15 minutes of your time. Please let me know if you could make the time. I would really appreciate it.
Best
Todd
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I can call u after 930 am. Where ?
Sent from Steve Hanson's Blackberry
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Appreciate your willingness to speak. Look forward to hearing from you around 930. Thanks
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Thank you for your time on the phone. Have a good summer
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he said you wanted to call wexner and dubin to tell them I flicked you, nevemind, I am out of this . you and i have no problem . i respect you and will always be there for you. howver no more ari neil steve talk for me thanks
I never mentioned glenn dubin or wexner or that "you fucked me" THATS INSANE. I said I went to glenn for an investment in neil. Wow...
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