Model, or overlay, portfolio programs, in which an asset manager hands over their investment process to a third party manager or major distributor, such as a brokerage firm or bank, so that they are no longer running money, offers advantages to both investors and asset managers, according to the Money Management Institute.

They enable investors to be served by sophisticated research from a number of asset managers in a single account and free the money managers up from serving clients to concentrating on their investment strategies, according to MMI.

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