Another thing I think you should think much more about is your own renumeration package. Being the "plant" is only really profitable if you've got a few $mil to throw behind it; Once you're up and running, the Backers will believe they're making the money (after all, you could't do it without their capital) - Traders will believe they're making the money (who brings in the P/L asshole ?), and both will be certain that it's not you. If you can't bring in OPM to manage, it leaves you at the bottom of the food chain with the compliance and IT team etc...
... another point I'd like to make is the particular traders you are looking to hire. If we consider the population on T2W as representative of the trading community, a very very small proportion actually do this properly and profitably. Of these few, I should think the majority are prop traders in the STIR or FI futures markets; IMO the skills and strategies required to manage even $10m+ are wholly different to the skills and strategies that these traders have (not to say they aren't good, it's just different); at this kind of size, it's much more about fundamentals and directional views than playing the orderbook for the spread (I couldn't take a $1m position in crude futures or Eurodollar without f*cking it up a few times). Perhaps you could find swing traders in the FX markets, where sizeable positions can be built up inconspiciously and $100m isn't alot (ask the resident expert, this is just my speculation). Anyway the ins and outs don't really matter - you had better be sure that your traders are sizeable.
... another point I'd like to make is the particular traders you are looking to hire. If we consider the population on T2W as representative of the trading community, a very very small proportion actually do this properly and profitably. Of these few, I should think the majority are prop traders in the STIR or FI futures markets; IMO the skills and strategies required to manage even $10m+ are wholly different to the skills and strategies that these traders have (not to say they aren't good, it's just different); at this kind of size, it's much more about fundamentals and directional views than playing the orderbook for the spread (I couldn't take a $1m position in crude futures or Eurodollar without f*cking it up a few times). Perhaps you could find swing traders in the FX markets, where sizeable positions can be built up inconspiciously and $100m isn't alot (ask the resident expert, this is just my speculation). Anyway the ins and outs don't really matter - you had better be sure that your traders are sizeable.