Monday, December 27, 2010

Fettered

Fettered refers to a manager of a 'fund of funds' which can only invest in the funds of the investment firm that employs them. Or in the sense of an adviser/broker that runs a discretionary account for a client it would refer to them only being able to use in house products. This is in contrast to a manager of a fund of funds that is unfettered and therefore is able to select managers and products from a wider universe of options.

Synonyms: Tied, Aligned, Fettered manager

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