||Peter Muller 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...