Money Manager
MG Financial Group offers special services to money managers. These different account types have been specially designed to enable managers to operate client’s accounts in a more efficient manner.
- Multiple Option Account (MOA)
- Integrated Management Account (IMA)
- Limited Power of Attorney (LPA)
MOA (Multiple Option Account)
For traders who manage accounts for 2 or more individual clients MG Financial Group offers a system by which each account is accessible from the same DealStation™, giving Managers the option of switching between multiple accounts with ease. This is the same as having 2 or more individual accounts available under the same screen name, making it possible for corporations or account Managers to manage many accounts without confusion, while still being able to access each individually from the same platform. Each account is considered a separate entity, with individual records kept of deals done, P/L and open orders.
IMA (Integrated Management Account)
For Managers that manage funds of more than 2 entities our Integrated Management Account, or IMA, offers access to indispensable tools that help in the management process. Our technology has enabled the account Manager to trade the assets of the combined entities in a pool. The IMA is traded as one account, with the exception of each individual having a subsidiary account complete with its own P/L and bookkeeping.
For example, imagine an IMA is opened with a client pool of 10 people, each with a subsidiary holding of unequal investment. Each individual account has a percentage share in the profits and losses of the IMA directly dependent on the amount of each individual's contribution to the IMA pool. All tracking, distribution and allocation of profit and losses is automatic, thanks to MG's back office system, with each client receiving in their segregated accounts their share of the IMA's performance. Also automatic is the collection of the Manager's fees by way of commissions. This service frees the account Manager from the necessity of back office paperwork, since all files are archived in the system and records and account balance statements are viewable, as well as printable, directly form the screen in a daily, weekly, quarterly, or annual format.
Upon completion of the online account application, LPA form is to be submitted along with a copy of government issued photo ID of money manager.
The Limited Power-of-Attorney grants trading responsibility, either in full or shared, to a specified money manager. A money manager’s contact information is to be included in the LPA form, which is signed by both the client and money manager. This form establishes an agreement between client and money manager, designating an agreed upon commission schedule.
MG's back office software can collect the per-unit commission fees and/or end-of-month profit sharing fees charged by Money Managers.
