13. Which of the following is not a key advantage of separately managed accounts? a) Frovides access to elite porttolo managers under oversight of an overlay manager. b) The client holds the securities in the account. c Supplemental reports collectively report on the performance of each separate account. d) Separate models are combined into one overall portfolio model in a single account. 14 The overlay manager plays anumber of key roles in the management of a client's portfolio. Which of the following is not one of the manager's key roles? a) Selects individual securities for the client's portfolio. b) Coordinates the efforts of the sub-advisors and sometimes conducts rebalancing. Conducts ongoing due diligence reviews of each of the underlying portfolio managers. c) d) Sets the overall optimal asset mix and the proportions for each sub- advisor to manage risk what will maximize performance and mitigate