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The massive movements and resulting illiquidity experienced by participants in the investment markets over the past twelve months have made investors sensitive to the need for transparency and liquidity as well as a greater degree of control over their portfolio. These concerns are particularly relevant for investors in products where there are multiple layers of investments such as funds of funds.
Investors are searching for investment products which overcome these dual concerns and investment product providers are responding by devising appropriate structures, many of which have at their core the concept of a “managed account”. There does, however, seem to be a fair amount of confusion in the industry as to what a managed account is, how it is different from other...
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