Wall Street traders often consider leaving large investment houses to launch their own hedge funds. They have built solid track records; made money for their firms and clients; and figure it is time to be their own bosses and take the show on the road. What those emerging managers may not understand, however, is that running a hedge fund means overseeing a full-service business – not simply a trading strategy. Although the trading strategy is very important and generating returns is paramount, there is much more to consider when establishing and sustaining a successful hedge fund operation. This guest article by Marni Pankin, partner at Marcum, provides a checklist for emerging managers to follow when launching a hedge fund to meet various operational, accounting, compliance and regulatory requirements. See “Emerging Managers Need Appropriate Infrastructure – Not Only Solid Performance – To Attract Investors” (Jun. 20, 2019); and “Key Accounting and Legal Hurdles in Starting a Hedge Fund Management Business, and How to Surmount Them” (May 8, 2014).