Institutions – Pension funds, foundations, and insurance companies
Retail – Now offered to wealthy individual investors with minimums as low as $25,000 but typically $100,000
Retail separate accounts are usually offered through programs with a brokerage company called the sponsor
These programs charge a fixed percentage fee, like 0.5%-2%, but have no trading costs
Sponsors offer a fixed list of products for clients and their advisors to choose from, often less than 150 products