|
Managed Accounts |
Funds |
Minimum investment |
Minimum is usually $100,000, most well known CTA managers require 10m to start. |
For the minimum, can be as low as $1000. |
Target client |
Institutional investors or high net worth individuals. |
Retail clients. |
Ownership |
Own named managed account, with certain level of flexibility. |
Owned by the fund, which is operated by the fund manager. |
Transparency |
Almost real time and 100% transparency. |
Usually weekly, with delayed information on NAV and also exposure. Limited or no transparency. |
Liquidity |
Daily, no redemption charges. |
Weekly or monthly. Some with redemption charges. |
Fees |
Brokerage, management and performance fees. |
(1)Brokerage, management and performance fees.
(2) Incidental day-to-day expenses, marketing and also the
structural related fees of the fund. |