taxconnections.com
How To Select A Financial Advisor: The Least You Should Know (Part 16 In eBook Series) | TaxConnections
Chapter 16: Separately-Managed Accounts. Separate accounts—also known as separately-managed accounts or “separates”—are segregated individual accounts with one or more investment managers. Unlike mutual funds, your investment is not co-mingled. Many investment managers participate in the separate account programs offered through major brokerage firms and other institutions.