which of the following statements correctly explains separately managed accounts and their relation to mutual funds? a) the key difference between mutual funds and separate accounts is that in a separate account, the money manager is purchasing the securities in the portfolio on behalf of the fund, not on behalf of the investor. b) separately managed accounts are individual investment accounts offered by financial consultants who provide advisory services and are managed by independent money managers using an asset-based fee structure. c) in a mutual fund, the investor owns the underlying securities directly, while in a separately managed account, the investor owns shares of the fund. d) they are similar to mutual funds, in that a money manager develops a model index specializing in a particular aspect of the market.