What are the differences between a management and advisory firm and an investment company? Describe the approach

Question:

What are the differences between a management and advisory firm and an investment company? Describe the approach toward management adopted by each organization.

Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...