- A situation that occurs when an investment portfolio's assets are divided among several fund managers to monitor, analyze and manage. Ideally, the purpose of multiple managers is to allow managers more flexibility in the administration of each fund by enabling each manager from the group of managers to focus closely on specific sections of the portfolio.
Under this method, each manager has autonomy and makes decisions on behalf of the client. There are some drawbacks to this approach. This type of investment portfolio management can sometimes be more costly and have higher fees than a portfolio monitored by one manager. Also, if managers involved do not work as a team in order to meet the fund's overall investment goals, the clients’ portfolio can be negatively impacted.
Investment dictionary. Academic. 2012.
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