Money Managers
When a client chooses to enlist the services of a money manager, MG provides them (the client and the manager) with the flexibility to choose between the Multiple Option Account and the Integrated Management Account.
We urge all clients to carefully read the Customer Agreement and Limited Power-of-Attorney form prior to agreeing to have a manager trade their accounts.
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. Similar to a mutual fund, 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.
Note: MG's back office software can collect the per-unit commission fees and/or end-of-month profit sharing fees charged by Money Managers. For details please see the Limited Power-of-Attorney form.
Revoking the Limited Power of Attorney
If you are the owner of the account, and you would like to revoke the Limited Power of Attorney from your Designated Trading Agent, you must follow these procedures:
Step #1: Prepare a written letter which states your request to revoke the Limited Power of Attorney from your Designated Trading Agent. Be sure to include your Account Number, your Full Name, and the Full Name of your Designated Trading Agent.
Step #2: Be sure to include the old passwords (online and phone) for the account. Include new online and phone passwords for your account.
Step #3: Include the date, your signature, and a copy of your Photo ID with this letter or revocation.
Step #4: Fax this request to the MG Financial Group Settlements Department at 1-212-835-0101.
Note: Trading will be "frozen" until revocation is received and approved, and new passwords are chosen by Customer. If your Designated Trading Agent is managing your account as part of an IMA, then it may not be possible to "freeze" your account when your revocation is received. If you would like to revoke the Limited Power of Attorney from the Trading Agent of an IMA, please notify us immediately by email or by phone.
To confirm our receipt of your request to revoke the Limited Power of Attorney from your Designated Trading Agent, or for further information on the types of accounts offered by MG. Contact us at (212) 835-0100 or by email at help@mgforex.com.
