Mutual Funds and Separate Accounts
A Comparative Analysis
Research Paper, December 2005

Investor interest in the comparison of mutual funds and separate accounts and their respective appropriateness as investment vehicles for their portfolios was the impetus for this research. Within this paper, we will examine both structures through a comparative analysis of a variety of factors. The comparison does not take into consideration other investment vehicles that may be utilized in portfolio implementation. A definition, history,and overview is provided for each followed by their comparison, which includes an analysis of management features, historical performance, tax considerations, and costs.At the completion of each section, we have provided an assessment of the potential advantage of one over the other. The conclusion provides general implementation guidelines and a context to the multidimensional research discussed herein. While mutual funds and separate accounts each have their benefits, it is important to note that their level of attractiveness will often be based upon the specific investor's preferences and circumstances.

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