Hedge funds are launching leaner and faster than ever

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• The rise of separately managed accounts is enabling faster, leaner hedge fund launches.
• SMAs, outsourcing, and improved technology help small hedge funds scale fast.
• Funds can launch with a single employee, like Bayhunt Capital, but credibility remains essential.

A decade ago, a one-person hedge fund firm would've sounded far-fetched — science fiction for managers, and a due diligence horror story for allocators.

Back then...