The day-to-day operation of a fund will be driven by the type of fund. Actively managed and open-ended funds will potentially have more workflow than passive and closed funds. Portfolios of illiquid assets will be less active than retail funds operating in liquid assets. As we have seen earlier, the investment objectives, types of instruments, and products and strategies employed by the manager will also impact on the workflow within the fund operations and support. Likewise the investment process can involve the fund in a legal agreement with the investment manager and the services offered to the manager by the prime broker will be subject to a prime broker/broker agreement.