hi guys... offshore-based FX trader here, trading PA + OPM, looking at expanding into futures / options on FX, commodities, indices... i had a set-up until now whereby i wld open managed (PoA basis) client accts with a UK-based broker acting as my prime broker. the prime would allow me to trade in bulk on a number of ECNs and allocate P&L to sub-accts on a weightings basis. no extra / hidden etc costs, no need for me to be registered anywhere... the perfect set-up... until recently... basically, 6 months ago they started worrying that the FSA might object to me having no registration while receiving significant sums from the prime (disclosed mark-ups) monthly, therefore asked me to move all my clients over to their US sub, and get some sort of registration over there within a year or so... (series 3 sufficient?) just a zero-cost paper move but, problem is, post Refco, some of my clients dragged their feet... the prime started harassing them administratively 2 mths ago using AML as an excuse, making ludicrous requests that they shld resubmit all manners of certified / notarized documents just to keep their acct open with the UK house! they balked, some of them withdrew their funds... in the end last week, i decided to raise the matter with the FSA and terminate my relationship with this broker altogether, and look for a better set-up no intention to set up a fund myself, i have consulted extensively and i do not like the operating costs even for a BVI set up - only got $1-2 mio AUM and could grow to 5-10 but not desirable because of scalability issues with my strategies, and i already get 100x leverage anyway... what i am exploring right now is a partnership with an offshore hedge fund shell provider, using a world class custodian (UBS), they handle AML compliance balooney, produce a daily / weekly NAV, handle subscriptions / redemptions, allow me to use the ECNs / brokers of my choosing and switch as appropriate, and allow me to trade the fund via a consulting agreement, and based on THEIR registrations... meaning i can expand into futures etc trading on behalf of clients, without the regulatory hassle... no upfront costs to me, need only CHF1mio AUM to get going, set up takes 2 to 3 weeks since the umbrella structure is already in place, low negotiable custodial-type fees and a fair split of manager collected fees, mark-ups etc that can offset their custodial-type fees... management / performance fee remains 100% to the manager, no split required you guys familiar with firms offering similar type of services?