How is a fund different from a discretionary investment account or a trust?

A fund pools money from multiple investors into a single collective investment vehicle, manages it, and shares out the results.

Discretionary investment management differs from a fund in that the investor and the firm sign an individual contract and ownership of the contracted assets remains with the investor. A trust is also distinguished from a fund in that it presupposes an individual fiduciary relationship between the settlor and the trustee.