What is this "likely" manager type?
In the world of SEC registrants (especially LP and LLC), it is somewhat difficult to tell if an advisor/fund manager operates hedge fund(s) or mutual fund(s). On one hand, some management firms do both. On the other hand, there are technical issues that this information must be hard to obtain. Therefore, Fatpitch uses a probablistic algorithm to determine the likeliness of a hedge fund or mutual fund manager.
In the case of mutual fund
There are many layers of mandatory legal structure wrapped around the mutual fund industry. A mutual FUND is managed by an ADVISOR. Yet the FUND is registered under another TRUST. The ADVISOR may or may not be the CUSTODIAN of the FUND ASSET. The CUSTODIAN is often not the entity who files SC-13 form, which declares itself as the MAJORITY SHAREHOLDER of a publicly traded company. The MUTUAL FUND COMPANY operates and markets the mutual funds, but legally it is separated from the ADVISOR as well as the CUSTODIAN since the ASSET does not really belongs to the MUTUAL FUND COMPANY. Right?
On the flip side, no fund manager wants you to be able to track his/her portfolio. This is just the norm of the business. So in some cases, they are making this structure as complex as the regulation allows. (I am sorry to tell you this if this is new to you!)
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