have been available to the high net worth (HNW) investor for many years. These funds, or fund wraps do not have advice/service fees embedded in the fund’s net asset value. In certain HNW series, there is also no embedded asset management fee. The payment of both fees is administered by individual fund managers who redeems units and remit the fees to either the dealer or the asset manager or to both. Several new series have emerged to address the potential need for advisors with clients holding funds in client name, operationally not conducive to traditional fee-based programs. These new series have low or no minimum investment thresholds.