If you're a non-US citizen residing in Hong Kong, and your clients are also non-US clients, then it's probably best to check with Hong Kong laws as the op suggested. For US clients, you may want to ask the FINRA call center regarding licensing. FINRA Call Center Main FINRA Phone Number: (301) 590-6500
isnt it kinda sketchy asking money from friends and family? I mean, if a friend or family came to me for money and asked that I invest in his 'hedge fund', I'd get a fishy feeling. I mean, unless he is already a legit hedge fund manager who has been doing it for ages, then maybe I'd give money to him to manage.