former

ManMythLegend Wrote:
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> A friend of mine is looking at starting an
> investment fund. Wants to form as an SMA b/c
> formation costs are much cheaper than an actual
> hedge fund. But it looks like an SMA can't charge
> an incentive/performance fee because they're not
> specifically catering to accredited investors.
>
> Can anyone confirm or deny this?

I have yet to see an SMA that charges a performance fee, only wrap fee. We have access to over a thousand strategies. Hedge funds on the other hand do charge both...

YMMV...