Looking through my aggregator this morning I found this article from the Capital Introduction blog which discusses the issues which surround hiring hedge fund marketers to market your hedge funds.
Many in house hedge fund marketers do not believe they have to be licensed. They are right, if they get paid a salary to raise assets. If however, they get compensated based upon the amount of assets raised (performance), then they too must be FINRA licensed. They are essentially selling a security, an LP investment. In addition, all hedge fund marketers including in house and third party must be licensed in the state in which the investor they are soliciting investors.
The blog entry goes on to discuss the more tricky aspects of finding the correct marketers and ensuring that they are properly supervised and follow all the FINRA regulations regarding marketing hedge funds.
See if you can pass the “How much do you know about hedge fund marketing” test 
Read the entire Hedge Fund Marketing article here.