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Monday, July 08, 2013

PMs Struggle To Start Their Own Firms

News summary by MFWire's editors

Fund managers are striking out on their own and launching asset management firms, but the endeavors are difficult, long slogs burdened by red tape, Barrons Sarah Max reported. C.T. Barrons interviewed several fund managers who left the security of their huge employers to start their own small firms Max interviewed Robert Gardiner, a former Wasatch Advisors manager who co-founded Grandeur Peak Advisors in 2011. Gardiner choose an interesting comparison for what it's like to start a firm, which is very expensive.

"It's like changing a tire at 60 miles an hour," Gardiner said.

For many fund managers, they choose to start their own fund because they have observed what does or doesn't work in the industry and feel the need to put their knowledge into practice. The costs of office space, recruiting employees and filing paper work are onerous.

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Edited by: Casey Quinlan

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