fund managers direct investor capital (all levels of wealth) towards the distinct "niche" funds they're managing, for example, a stock fund has all stocks, bond fund all bonds, gold fund, etc. Where a money manager typically deals with the VERY wealthy and is usually trying to preserve this investors capital through a variety of conservative investments like fixed income securites, hedge funds, money market funds, etc. I have yet to meet a good stock picking money manager, but some aren't adversre to risk and do look. I've been solicted in the past for my expertise in this arena. This is all I want to focus on. They called me a "StockJock." To many investments to learn and master, so I choose to specialize in not just stocks, but small stocks. Afterall, this is how Warren Buffet did it. mguru