Part X — Running a Quantitative Trading Business

Research-focused material almost never covers the other half of systematic trading: the business. Yet whether you intend to trade proprietary capital seriously or to launch a fund, the decisions that determine survival are as often operational as they are quantitative — how you structure the entity, what your fees and high-water marks actually pay you across return paths, whether your NAV reconciles, and whether an allocator's operational due diligence finds a professional operation or a laptop and a brokerage login.

This part treats systematic trading as an operating business. The material is deliberately concrete: fee mechanics modeled over simulated tracks rather than described in the abstract; investor reporting built to the standard allocators actually apply; reconciliation, compliance, and tax covered as an orientation to what exists and what questions to bring to professionals — not as legal or tax advice.

The final module turns inward: structuring a research pipeline with real gates, avoiding the research graveyard, and hiring and scaling from one book to several. If Parts I through IX built the machine, this part is about running the company around it.

Modules

Module	Focus
Capital, Fund Structures, and Fees	Own capital versus outside capital, prop and fund structures, fee mechanics, capital requirements by strategy type
Investor Reporting and Due Diligence	Reporting cadence and contents, GIPS-aware track records, DDQs, and what allocators actually check
Operations, Compliance, and Tax	Reconciliation, NAV, broker relationships, jurisdictional compliance obligations, and tax orientation
Research Workflow, Hiring, and Scaling	The idea-to-allocation pipeline, avoiding research graveyards, hiring, and scaling beyond one book