If you’re a well-pedigreed hedge fund manager–one who has worked at a blue-chip firm and managed a large book with a successful track record–you might have a desire to launch your own hedge fund. It’s hard to say how many think about taking this step, but several funds get started this way each month.

But there’s one thing you should know, no matter how many years of experience you have: running a book and launching a fund are two very different propositions. For starters, it is much more than just launching a fund, it is building a firm.

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