Steve Simmons Benedicte Gravrand, Opalesque Geneva:
Participants at the recent Opalesque Connecticut Roundtable agreed on the whole that while the quality of life is high and the costs of maintaining a business are lower in Connecticut, it just ain't New York - as New York is the place where funds can have a superior infrastructure, be close to service providers and investors. And hedge fund start-ups above all need that proximity. Although those hedge funds starting out in Connecticut could survive with a "robust business plan" and benefit from "thinking more clearly."
"We are seeing numerous funds launching in Connecticut, although not every one will succeed," said Steve Simmons, Managing Director at Southport Harbor Associates, a hedge fund consultant.
"You could be a fantastic trader within a prop trading environment in New York City," he continued, "but if you are unable to create a proper business and the requisite infrastructure, which can be difficult to do at times, being removed from many of the service providers who are a stone's throw away in NYC, you will fail."
We all dream of no longer working for a big firm and starting out on our own, he told the Roundtable, which is the same romantic idea behind starting a bed and breakfast. However if you do not know how to cook or how to advertise, the business will not suc......................
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