Finding either a family office or small HF to intern at would be his best first step. Is he starting from scratch on the operational aspects of the business? Legal structure, tax, brokerage relationships, software/hardware, reporting, etc. are all things he will need to consider and these will take time to build out. You can't just go in day 1 and start investing. If he's only around $10mm in AUM then its going to be extremely hard to cover expenses much less make a profit of any sort regardless of his ability and the market.

I'm not convinced this family knows anything about the industry if they're giving ~$10mm to a 22 year old with no experience and expecting that to launch a family office unless they are expecting to spend down these assets in the setup process and they have substantial other wealth that they will be investing at a later date. The scale is just far too small (by an order of magnitude).

Also, there is nothing about this AUM size that suggests you need to be a small/micro cap investor. Small/micro cap funds are small out of necessity due to the opportunity set, but a small fund doesn't have to be constrained to those spaces.

Have him beat mid stake cash game/high stake sit and go without any coaching aid before jumping in.

If he need to ask what books to read he has no business managing $10mm.

I think you guys are looking at this wrong. He's going to learn way more then interning somewhere and maybe 10mil is just the cost of his education to his family. That being said they seem to value personal learning from trial and error so I doubt some books will offer much value/what they were going for. My advice would be to make sure this is the intention going in and not a significant amount to the family as that will create bad blood/not a good situation

all in short SNAP. if it goes up, ask for more leverage