Is a company required to register as a Hedge Fund of Mutual Fund entity to trade a pool of funds? My situation is that I currently have a Advisor Account with Interactive Brokers with a few family and friends accounts. I'd like to make my task more simplistic by pooling the money into an Institutional account. However, I don't want to take the hit of the increased initial costs and legal work a Hedge Fund, or more so a Mutual Fund, setup would incur. So is it possible to just transfer over my current clients into the pooled account and use software like Trade Depot to handle the investor accounting?