Morgan Stanley 2015 Annual Report Download - page 67

•Separately managed accounts—Accounts by which third-party asset managers are engaged to manage clients’ assets
with investment decisions made by the asset manager. One third-party asset manager strategy can be held per account.
•Unified managed accounts—Accounts that provide the client with the ability to combine separately managed accounts,
mutual funds and exchange traded funds all in one aggregate account. Unified managed accounts can be client-directed,
financial advisor-directed or Company-directed (with “directed” referring to the investment direction or decision/
discretion/power of attorney).
•Mutual fund advisory—Accounts that give the client the ability to systematically allocate assets across a wide range of
mutual funds. Investment decisions are made by the client.
•Representative as advisor—Accounts where the investment decisions must be approved by the client and the financial
advisor must obtain approval each time a change is made to the account or its investments.
•Representative as portfolio manager—Accounts where a financial advisor has discretion (contractually approved by the
client) to make ongoing investment decisions without the client’s approval for each individual change.
•Cash management—Accounts where the financial advisor provides discretionary cash management services to
institutional clients whereby securities or proceeds are invested and reinvested in accordance with the client’s investment
criteria. Generally, the portfolio will be invested in short-term fixed income and cash equivalent investments.
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