What is a 'Money Manager'
A money manager is a business or bank responsible for managing the securities portfolio of an individual or institutional investor. Typically, a money manager employs people with various expertise ranging from research and selection of investment options to monitoring the assets and deciding when to sell them. In return for a fee, the money manager has the fiduciary duty to choose and manage investments prudently for his or her clients, including developing an appropriate investment strategy, and buying and selling securities to meet those goals.
Also known as "portfolio manager" or "investment manager".
BREAKING DOWN 'Money Manager'
Money managers give you personalized service, an individualized portfolio and ongoing management. With fee-based management, as opposed to transaction-based management, you and your advisor are on the same side. You no longer have to question the decisions of a broker to buy or sell your securities. A professional money manager does not receive commissions on transactions and is paid based on a percentage of assets under management. Thus, it is in the best interest of both the money manager and client to see the portfolio grow.