Head-to-head
Pharo Management vs Tower Research Capital
A direct, side-by-side comparison of Pharo Management and Tower Research Capital — profit splits, evaluation fees, payout cadence, supported assets, and trading rules. Data pulled live from our firm directory.
Quick verdict
Pharo Management is best for
traders who prefer Firm Capital Model and a London, UK-based firm.
Full Pharo Management profile →Cost & compensation
Cost and compensation path
Published fees and payout timing apply to trader-paid funding programs. Firm-capital and institutional paths are shown separately because their economics usually depend on hiring, allocation, salary, bonus, or profit-sharing terms.
Pharo Management
Firm CapitalNot applicable for this model
This is a firm-capital or hiring-based trading path, not a trader-paid funding program. Compensation is typically handled through salary, bonus, draw, allocation, or profit-sharing arrangements rather than a published evaluation fee and payout schedule.
Tower Research Capital
Firm CapitalNot applicable for this model
This is a firm-capital or hiring-based trading path, not a trader-paid funding program. Compensation is typically handled through salary, bonus, draw, allocation, or profit-sharing arrangements rather than a published evaluation fee and payout schedule.
Decision guide
Best for your trader type
- Highest profit share
50% vs —%
- News traders
Allows trading through news events.
| Attribute | Pharo Management Firm Capital · est. 2000 | Tower Research Capital Firm Capital · est. 1998 |
|---|---|---|
| Cost | ||
| Evaluation fee | — | — |
| Monthly fee | — | — |
| Evaluation required | No | No |
| Instant funding | No | No |
| Capital | ||
| Profit split | — | 50% |
| Max allocation | Institutional | Institutional only |
| Account sizes | Institutional | Institutional only |
| Scaling | — | — |
| Payouts | ||
| Frequency | Quarterly | Annual bonus |
| First payout | — | — |
| Assets | ||
| Futures | No | Yes |
| Stocks | No | Yes |
| Options | Yes | Yes |
| Forex | Yes | Yes |
| Crypto | No | No |
| Trading rules | ||
| News trading | — | Yes |
| Overnight holding | Yes | Yes |
| Weekend holding | Yes | Yes |
| Copy trading | No | No |
| Technology | ||
| Platforms | Internal | Proprietary |
| Data feed | — | — |
| Company | ||
| Headquarters | London, UK | New York, USA |
About Pharo Management
Emerging markets macro hedge fund trading sovereign credit, FX and rates.
Full Pharo Management profile →About Tower Research Capital
Quantitative proprietary trading firm and global market maker founded by Mark Gorton. Operates high-frequency strategies across equities, futures, options, and currencies from offices in New York, London, and across Asia.
Full Tower Research Capital profile →Trust & stability
Reputation and rule-change activity
Two added decision signals: a weighted reputation score from independent review sources, and a 90-day view of structural rule-change activity where monitored sources are available.
Reputation
Not enough independent rating sources to compute a canonical score yet.
Rule Stability
last 90dWe do not currently have enough monitored public rule sources for this firm to report rule-change activity honestly.
Reputation
canonical- Sources used
- 1
- Confidence
- low
Weighted blend of independent trader-review sources. See methodology.
Rule Stability
last 90dWe do not currently have enough monitored public rule sources for this firm to report rule-change activity honestly.
Frequently asked
Common questions
- Which has a higher profit split — Pharo Management or Tower Research Capital?
- Tower Research Capital pays 50% of trader profits once funded.
- Is Pharo Management cheaper to start than Tower Research Capital?
- Pharo Management: evaluation from —. Tower Research Capital: evaluation pricing varies.
- Which pays out faster — Pharo Management or Tower Research Capital?
- Pharo Management payouts: Quarterly. Tower Research Capital payouts: Annual bonus. First-payout eligibility: Pharo Management — —; Tower Research Capital — n/a.
- Can I trade news at Pharo Management or Tower Research Capital?
- Pharo Management: policy unconfirmed. Tower Research Capital: permits news trading.
- Can I hold positions overnight at Pharo Management or Tower Research Capital?
- Pharo Management: allows overnight holds. Tower Research Capital: allows overnight holds.
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