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Managed Account
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A managed account is an investment account that is managed by a third party who has the authority to buy and sell without prior approval from the holder. A managed account is similar to a discretionary account, but the difference is that a discretionary account is typically opened out of convenience for clients who are ill or out of the country; a managed account may be solicited beyond those circumstances. The holder of a managed account may allow the third party controlling the managed account to trade without restrictions; on the other hand, the holder of a managed account may choose to impose some limitations. A managed account is similar to mutual fund accounts, which are also managed on behalf of another person, except that a managed account may be personalized and tailored to the specific needs/goals of the account holder. Whereas a mutual fund account involves the assets of many investors, a managed account belongs to one person. A managed account is sometimes called a controlled account.
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