I am starting a managed account business and just wanted to discuss a few issues. If I use IB's friends and family account set up, can I charge a performance fee out of the client's accounts? Is that legal? I was thinking about 100k min and 30% performance fee based on the high watermark. Appreciate any thoughts on this. I will probably ask Hannah Terhune over at CMSG to draw up some papers. Originally I was thinking about setting it up as a hedge fund, but why go through that before I have any investors. By the way, does anyone know if I can legally market a managed account business, or must it be stealth like a hedge fund?