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What is the main disadvantage of single-manager managed accounts? a) They have a small range of available securities to choose from. b) They lack of

What is the main disadvantage of single-manager managed accounts?
a) They have a small range of available securities to choose from.
b) They lack of regulatory oversight.
c) There is no independent evaluation of the portfolio performance and risk.
d) They incur very high and frequent trading costs.

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