is a discussion point, it often concerns the payment structure. The standard formats are formula-based, discretionary, or a hybrid of those two models.
More multi-strategy hedge funds are also offering PnL kickers based on performance to entice people to move. Some funds are offering a one-off bonus for the first time the PM hits a target profit. For example, on top of a base salary, a PM could get 27% of their profits on their first $100 million, or a one-off $27 million. Once they hit that number, it drops to a fixed performance bonus, such as 18%.
As time passes, hedge funds get bigger, better, faster, and stronger. They invent new strategies and lead the world in innovation. But if you're an elite portfolio manager, one thing never changes: You must keep improving.
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