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Many forex managers use a product termed as a managed forex fund, which can be the equivalent to a mutual fund hedge fund.  In a “managed forex fund,” the manager will invest the assets under the POA with the forex dealer member in the managed fund.  The a trader or traders for the forex dealer member will then manage the pool of assets.  Usually the forex dealer member will receive both a forex management fee and also a performance allocation.  Many managers will then charge a management fee and a performance allocation (or only one or the other) to the underlying clients.