Reuters: The hedge fund industry's proverbial 'two traders and a terminal in Mayfair' are back.

But starting your own hedge fund is likely to prove a much less lucrative venture for the foreseeable future, thanks to hard bargaining by investors

 
 
The new firm will be known as Point State Capital, named for a park in Pittsburgh where Fort Duquesne once stood.

Of the $5 billion raised, $1 billion will come from Stanley Druckenmiller, and the remainder from former investors in Duquesne Capital Management.
 
 
Hedge Fund seeders have $1 Billion on hand and expect to quadruple that by next year.

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