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Separate Account which may also be referred to as Separately Managed Account or pooled accout, is a separate pool of money that a portfolio manager (usually one for a mutual fund) invests in a manner consistent with a mutual fund.

This type of account is common with large corporations and state government retirement plans. Currently the separate acounts may perform slightly better because there are fewer shareholders making trades. The problem comes when trying to track down fund information like a prospectus or fees. Since these funds are not subject to the same regulations as mutual funds, information to make educated decisions may be hard to get.

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