diff --git a/src/app/admin/funds/AdminFundApplications.tsx b/src/app/admin/funds/AdminFundApplications.tsx
index 3ba8947..1a290cd 100644
--- a/src/app/admin/funds/AdminFundApplications.tsx
+++ b/src/app/admin/funds/AdminFundApplications.tsx
@@ -8,6 +8,7 @@ interface Applicant {
   id: string
   username: string
   displayUsername: string | null
+  managedFunds: { fund: { name: string; slug: string } }[]
 }
 
 interface Application {
@@ -23,7 +24,7 @@ export default function AdminFundApplications({ applications: initial }: { appli
   const [applications, setApplications] = useState<Application[]>(initial)
   const [expanded, setExpanded] = useState<string | null>(null)
   const [approveId, setApproveId] = useState<string | null>(null)
-  const [startingBalance, setStartingBalance] = useState('0')
+  const [startingBalance, setStartingBalance] = useState('10000')
   const [error, setError] = useState('')
   const [loading, setLoading] = useState(false)
 
@@ -122,6 +123,25 @@ export default function AdminFundApplications({ applications: initial }: { appli
               <p className="text-xs text-slate-400">
                 Approve <span className="text-white font-medium">{app.fundName}</span> for{' '}
                 <span className="text-slate-200">{app.user.displayUsername ?? app.user.username}</span>
+                {app.user.managedFunds.length > 0 && (
+                  <span className="text-slate-500">
+                    {' '}(also manages{' '}
+                    {app.user.managedFunds.map((m, i) => (
+                      <span key={m.fund.slug}>
+                        {i > 0 && ', '}
+                        <a
+                          href={`/fund/${m.fund.slug}`}
+                          target="_blank"
+                          rel="noopener noreferrer"
+                          className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2"
+                        >
+                          {m.fund.name}
+                        </a>
+                      </span>
+                    ))}
+                    )
+                  </span>
+                )}
               </p>
               <div className="flex items-center gap-3">
                 <div>
diff --git a/src/app/admin/funds/page.tsx b/src/app/admin/funds/page.tsx
index 8646da7..5bf4073 100644
--- a/src/app/admin/funds/page.tsx
+++ b/src/app/admin/funds/page.tsx
@@ -18,7 +18,16 @@ export default async function AdminFundsPage() {
     }),
     prisma.fundApplication.findMany({
       orderBy: { createdAt: 'asc' },
-      include: { user: { select: { id: true, username: true, displayUsername: true } } },
+      include: {
+        user: {
+          select: {
+            id: true,
+            username: true,
+            displayUsername: true,
+            managedFunds: { select: { fund: { select: { name: true, slug: true } } } },
+          },
+        },
+      },
     }),
   ])
 
diff --git a/src/app/fund/apply/FundApplicationClient.tsx b/src/app/fund/apply/FundApplicationClient.tsx
index 75ab8d3..bb2e287 100644
--- a/src/app/fund/apply/FundApplicationClient.tsx
+++ b/src/app/fund/apply/FundApplicationClient.tsx
@@ -18,25 +18,6 @@ export default function FundApplicationClient({ existing, managedFund }: Props)
   const [loading, setLoading] = useState(false)
   const [withdrawing, setWithdrawing] = useState(false)
 
-  // Already a fund manager
-  if (managedFund) {
-    return (
-      <div className="bg-surface-card border border-surface-border rounded-xl p-6 space-y-3">
-        <div className="flex items-center gap-3">
-          <CheckCircle className="h-5 w-5 text-green-400" />
-          <p className="font-medium">You already manage a fund</p>
-        </div>
-        <p className="text-sm text-slate-400">
-          You are a manager of{' '}
-          <Link href={`/fund/${managedFund.slug}`} className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2">
-            {managedFund.name}
-          </Link>
-          .
-        </p>
-      </div>
-    )
-  }
-
   // Pending application
   if (existing) {
     async function withdraw() {
@@ -47,31 +28,45 @@ export default function FundApplicationClient({ existing, managedFund }: Props)
     }
 
     return (
-      <div className="bg-surface-card border border-indigo-500/30 rounded-xl p-6 space-y-4">
-        <div className="flex items-center gap-3">
-          <Clock className="h-5 w-5 text-amber-400" />
-          <p className="font-medium">Application pending review</p>
-        </div>
-        <div className="space-y-2 text-sm">
-          <div>
-            <span className="text-slate-500 text-xs uppercase tracking-wide">Fund Name</span>
-            <p className="text-white mt-0.5">{existing.fundName}</p>
+      <div className="space-y-4">
+        {managedFund && (
+          <div className="bg-surface-card border border-surface-border rounded-xl p-4 flex items-start gap-3">
+            <CheckCircle className="h-4 w-4 text-green-400 mt-0.5 shrink-0" />
+            <p className="text-sm text-slate-400">
+              You already manage{' '}
+              <Link href={`/fund/${managedFund.slug}`} className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2">
+                {managedFund.name}
+              </Link>
+              . You can still apply for an additional fund.
+            </p>
           </div>
-          <div>
-            <span className="text-slate-500 text-xs uppercase tracking-wide">Reason</span>
-            <p className="text-slate-300 mt-0.5 whitespace-pre-wrap">{existing.reason}</p>
+        )}
+        <div className="bg-surface-card border border-indigo-500/30 rounded-xl p-6 space-y-4">
+          <div className="flex items-center gap-3">
+            <Clock className="h-5 w-5 text-amber-400" />
+            <p className="font-medium">Application pending review</p>
           </div>
-          <p className="text-xs text-slate-500">
-            Submitted {new Date(existing.createdAt).toLocaleDateString()}
-          </p>
+          <div className="space-y-2 text-sm">
+            <div>
+              <span className="text-slate-500 text-xs uppercase tracking-wide">Fund Name</span>
+              <p className="text-white mt-0.5">{existing.fundName}</p>
+            </div>
+            <div>
+              <span className="text-slate-500 text-xs uppercase tracking-wide">Reason</span>
+              <p className="text-slate-300 mt-0.5 whitespace-pre-wrap">{existing.reason}</p>
+            </div>
+            <p className="text-xs text-slate-500">
+              Submitted {new Date(existing.createdAt).toLocaleDateString()}
+            </p>
+          </div>
+          <button
+            onClick={withdraw}
+            disabled={withdrawing}
+            className="text-xs text-red-400 hover:text-red-300 transition-colors disabled:opacity-50"
+          >
+            {withdrawing ? 'Withdrawing…' : 'Withdraw application'}
+          </button>
         </div>
-        <button
-          onClick={withdraw}
-          disabled={withdrawing}
-          className="text-xs text-red-400 hover:text-red-300 transition-colors disabled:opacity-50"
-        >
-          {withdrawing ? 'Withdrawing…' : 'Withdraw application'}
-        </button>
       </div>
     )
   }
@@ -94,54 +89,68 @@ export default function FundApplicationClient({ existing, managedFund }: Props)
   }
 
   return (
-    <form onSubmit={handleSubmit} className="bg-surface-card border border-surface-border rounded-xl p-6 space-y-4">
-      <div className="flex items-center gap-2 text-slate-300">
-        <Building2 className="h-5 w-5 text-indigo-400" />
-        <span className="font-medium">New Fund Application</span>
-      </div>
-
-      {error && (
-        <p className="text-red-400 text-sm bg-red-400/10 border border-red-400/20 rounded-lg px-3 py-2">{error}</p>
+    <div className="space-y-4">
+      {managedFund && (
+        <div className="bg-surface-card border border-surface-border rounded-xl p-4 flex items-start gap-3">
+          <CheckCircle className="h-4 w-4 text-green-400 mt-0.5 shrink-0" />
+          <p className="text-sm text-slate-400">
+            You already manage{' '}
+            <Link href={`/fund/${managedFund.slug}`} className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2">
+              {managedFund.name}
+            </Link>
+            . You can still apply for an additional fund below.
+          </p>
+        </div>
       )}
+      <form onSubmit={handleSubmit} className="bg-surface-card border border-surface-border rounded-xl p-6 space-y-4">
+        <div className="flex items-center gap-2 text-slate-300">
+          <Building2 className="h-5 w-5 text-indigo-400" />
+          <span className="font-medium">New Fund Application</span>
+        </div>
 
-      <div>
-        <label className="text-xs text-slate-500 uppercase tracking-wide block mb-1">
-          Fund Name <span className="normal-case">(max 60 chars)</span>
-        </label>
-        <input
-          value={fundName}
-          onChange={(e) => setFundName(e.target.value)}
-          maxLength={60}
-          placeholder="TechAlpha Capital"
-          required
-          className="w-full bg-surface border border-surface-border rounded-lg px-3 py-2 text-sm focus:outline-none focus:ring-2 focus:ring-indigo-500"
-        />
-      </div>
+        {error && (
+          <p className="text-red-400 text-sm bg-red-400/10 border border-red-400/20 rounded-lg px-3 py-2">{error}</p>
+        )}
 
-      <div>
-        <label className="text-xs text-slate-500 uppercase tracking-wide block mb-1">
-          Why do you want to run this fund?
-        </label>
-        <textarea
-          value={reason}
-          onChange={(e) => setReason(e.target.value)}
-          rows={5}
-          minLength={10}
-          maxLength={1000}
-          placeholder="Describe your strategy, what hashtags you plan to focus on, and why you'd be a good fund manager…"
-          required
-          className="w-full bg-surface border border-surface-border rounded-lg px-3 py-2 text-sm focus:outline-none focus:ring-2 focus:ring-indigo-500 resize-none"
-        />
-        <p className="text-xs text-slate-600 mt-0.5 text-right">{reason.length}/1000</p>
-      </div>
+        <div>
+          <label className="text-xs text-slate-500 uppercase tracking-wide block mb-1">
+            Fund Name <span className="normal-case">(max 60 chars)</span>
+          </label>
+          <input
+            value={fundName}
+            onChange={(e) => setFundName(e.target.value)}
+            maxLength={60}
+            placeholder="TechAlpha Capital"
+            required
+            className="w-full bg-surface border border-surface-border rounded-lg px-3 py-2 text-sm focus:outline-none focus:ring-2 focus:ring-indigo-500"
+          />
+        </div>
 
-      <button
-        type="submit"
-        disabled={loading || !fundName.trim() || reason.trim().length < 10}
-        className="w-full py-2 bg-indigo-600 hover:bg-indigo-500 text-white text-sm font-medium rounded-lg disabled:opacity-50 transition-colors"
-      >
-        {loading ? 'Submitting…' : 'Submit Application'}
-      </button>
-    </form>
+        <div>
+          <label className="text-xs text-slate-500 uppercase tracking-wide block mb-1">
+            Why do you want to run this fund?
+          </label>
+          <textarea
+            value={reason}
+            onChange={(e) => setReason(e.target.value)}
+            rows={5}
+            minLength={10}
+            maxLength={1000}
+            placeholder="Describe your strategy, what hashtags you plan to focus on, and why you'd be a good fund manager…"
+            required
+            className="w-full bg-surface border border-surface-border rounded-lg px-3 py-2 text-sm focus:outline-none focus:ring-2 focus:ring-indigo-500 resize-none"
+          />
+          <p className="text-xs text-slate-600 mt-0.5 text-right">{reason.length}/1000</p>
+        </div>
+
+        <button
+          type="submit"
+          disabled={loading || !fundName.trim() || reason.trim().length < 10}
+          className="w-full py-2 bg-indigo-600 hover:bg-indigo-500 text-white text-sm font-medium rounded-lg disabled:opacity-50 transition-colors"
+        >
+          {loading ? 'Submitting…' : 'Submit Application'}
+        </button>
+      </form>
+    </div>
   )
 }