Segregated fund

In the UK a segregated fund, or seg fund, is a managed pot of assets belonging to just one client, managed alongside – but separately from – other investments under the control of a particular manager.

Seg funds are usually over £100m in value – smaller ones may not justify the high fees. In a way, they are a bit like a private client fund (just a lot bigger), as the client defines the agenda they want the fund to follow, choosing the risk parameters, limiting stock or sector bets, putting in ethical constraints, or even currency hedging.

They can have various legal structures, so can be managed for any type of institution from a pension fund to a charity.

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27 March 1963: Beeching recommends cuts to Britain's railways

On this day in 1963, Dr Richard Beeching produced his infamous report that saw many railway lines closed in favour of bus services.