Sleeve

A sleeve is a managed allocation container inside a single account, letting one registration hold several mandates that are each traded, measured and reported on their own terms.

Sleeves exist to break the assumption that an account holds one model. With them, a client can hold a core equity manager, a fixed income specialist and a satellite strategy inside one registration — one statement, one cash position, one set of tax lots.

The distinction worth testing is whether sleeves exist at trade time or only at report time. If orders are generated for the account and allocated back to sleeves afterwards, the trading logic still believes the account holds one model and the sleeve is a reporting overlay.

Ask a prospective provider directly: are orders generated per sleeve, or allocated back after?

Read more: One account. Three managers. →