A managed fund pools investors' money into a managed investment scheme, which is generally registered through ASIC, the regulatory financial body. The pooled funds are then managed by an Investment Manager who will buy and sell securities or assets for the fund, on your behalf, thereby making all investment decisions for the fund. The process of deciding which securities to buy and sell for the fund has been pre-determined by the Investment Manager and is based on particular criteria such as asset classes, e.g. International or Domestic shares, or the size of the respective company's market capitalisation.
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What is a Managed Fund?