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That may be to state Should the fund allocates the manager gains and a part of People gains are characterized as long term at the fund amount, then the gains may also be long-term with the supervisor that can end in a reduce tax Invoice. In the independently managed account structure the manager wouldn't have the capacity to receive the allocation.
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" An investment advisor may regulate a portfolio of mutual money; if this mutual fund administration services also covers the brokerage cost charges it is known as a "wrap account."
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