An investment fund run on behalf of an investor by an agent (typically, an insurance company).
- This differs from an ordinary managed fund, where the investment discretion lies solely with the fund manager.
- The higher-risk profile of some hedge funds relative to normal managed funds arises principally from the ability to leverage with debt or to trade on margin.
- Make sure you avoid endowment based savings plans, managed funds and any investments you don't understand.
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