Subject to any agreements that may have been entered into by a manager and his/her former employer, generally, a hedge fund manager may use the performance achieved while employed with another hedge fund; provided that:

  • the hedge fund currently being managed and the hedge fund previously managed by the manager have substantially similarly investment objectives, policies and the strategies;

  • no person played a significant role in the day-to-day management of the previous hedge fund that is not present in the management of the current hedge fund;

  • the previous hedge fund’s performance is presented separately from the current hedge fund’s performance with no greater prominence than the current hedge fund’s performance; and

  • there is clear disclosure that the current hedge fund and the previous hedge fund are separate funds and that the past performance of the previous hedge fund is not indicative of the past or future performance of the current hedge fund.