Depends of how much profit you generated for your clients. The commission is generated by the profits (in $), not by the money under management.
Maybe if you live in Iowa--- at that level having a fund does not make sense. Way better off trading your own million or whatever your stake is. surf
Your best bet right now is to get a gig at a major fund or central bank etc-- build your pedigree, then mingle with the UHNW's so you will have something to talk about-- and be UNIQUE-- OR be smartest yet and partner with someone with pedigree and connections--- that's the smart way--
You can also start a hedge fund in Malta with 25k and register it in Luxembourg under another fund ( fund of funds). As for size and making a living I think it depends on your performance, aum, and where you live. Example: managing $1million with a 20% performance and taking 25% fees from the profits (50k) while living in Bali or chiangmai Is a very good deal. you live like a king and you won't be able to spend half that money.
Minimum capital in Luxemburg is 1.25 million euro. Investors should put up at least 125K each, which might be a problem in the beginning. Start up cost between 50-100 K. There are a lot of conditions that have to be fulfilled. Will cost you money if at least you can already find people who want to help you. Umbrella fund sthat aer serious, are difficult to find. Regulations will limit free choice of how much and what you can trade by law. For example: you cannot trade only the ES. Positions are limited by law. Getting approval (licence) to open a fund in Luxembourg is very difficult, especially for newbies. You will be screened and have to give a complete list of what you did in the past, especially experience in the financial sector. Based on what I know about OP changes are almost nihil. There is a big difference between what you read on internet, what theoretically is possible, and what in reality is possible. A long time ago I read about offshore funds. That was the miraculous solution. I started 2 funds offshoreon BVI. Closed them within 1-2 years. Lots of problems and expenses and not working conveniently. So I know what the difference is between the internet and reality. I experienced it myself and paid a lot of money for it.
I was not giving a possible example from Internet readings but an existing one. Fund of funds listed in Luxembourg. The question is always, how much aum do you expect to bring in year one?
Malta is a great place to domicile. The Commino Platform offers the best and most secure deal-- PM me if anyone is nterested.