Discretionary managed assets
include discretionary portfolio management services offered to high-end clients by full-service brokers, private investment counsel and private banking firms and asset managers. The key feature of discretionary services is that the client has delegated the decision-making and trading authority to an individual portfolio manager or to the program’s portfolio manager of record. Discretionary services include discretionary brokerage, pooled funds, separately managed accounts, and certain aspects of the estates and trust business.