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Typically, if you can hire or fire the manager yourself, then you have a sub-advisory relationship. Conversely, if only the client has the authority to hire or fire the external manager, then it's typically a TPAM relationship.
advised fund is an investment fund that is managed by another management team or firm than where the assets are held. advised fund may consist of specialty or niche investments that the main fund portfolio managers seek outside expertise for.
A subadvisor is an investment management firm that typically partners with a mutual fund investment advisor to help with the day-to-day management of the fund. They often provide specialized expertise in a specific type of investment strategy.
-(The) largest players in the sub-advisory marketplace include Wellington Asset Management, Alliance Bernstein, PIMCO and Prime Cap.
A subadvisory agreement is a legally binding agreement between a mutual fund and an advisor. These agreements outline the terms and conditions of the relationship between the fund and the advisor and what rights and responsibilities are expected of each party.
adviser is an asset management firm hired by an investment adviser to help identify, evaluate and manage investments within a portfolio. Subadvisers are typically selected based on their investment style, expertise and track record in a specific investment strategy.