Hedge Fund Llc

How a market hedge fund manager of their money, they can not advertise? Tell people in a country club? Maybe we can open his own LLC and accepting investments for trading without "Fund" entity and advertising?

They sell directly to customers using a network for recruiting people.

Most hedge fund managers begin working with a reputation for the best and brightest. Warren Buffett started with money from friends to family. Like Madoff Burnard. Madoff made it reaches all the right clubs, participated in all the charities on the right, so people with money knew he ran a hedge fund.
About the time Buffett acquired a reputation to be one of the best hedge fund managers in Wall Street, Buffet stopped taking new investors. In doing so, Buffet did not give quarter versus quarter of its funds by federal law. Nobody looked over his shoulder as he worked his magic. Buffet kept a staff of a dozen chroniclers, against 50 or 100 held by managers of mutual funds.
Incidentally, Buffet retained earnings 25% of his fees. However, its customers beat the marketing year after year. After paying his dues Buffet. This is why everyone wants to be a hedge fund manager.
What Madoff has to avoid regulation was put in place feeder funds, run by friends. Like many other hedge funds.