Learn about the various types of licenses a hedge fund manager needs to legally operate a hedge fund. : J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor. Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. A hedge fund manager does not necessarily need a specific license to operate the hedge fund as opposed to any other type of investment fund.