at the 2008 Absolute Return Symposium
For the chance to invest in Peter Muller's new
PDT Partners hedge fund, all you need is $10 million and a
tolerance for unusually high fees. And a time machine.
PDT Partners, which was spun out of Morgan Stanley this
year, has already closed its flagship quantitative strategy to
new capital after raising $1.5 billion, according to potential
investors and industry executives who have met with the firm.
The capital has flowed in despite PDT's stated management and
performance fees of about 3% and 35%, those people said, well
above the industry norm of 2% and 20%, and double or even
triple what many new launches whittle themselves down to in
order to attract day-one money.
The Partners fund is expected to begin trading in January,
according to people close to the firm.
Filings say that PDT reserves the...