The Michigan Investment Management Agreement is a legal document that outlines the terms and conditions for an investment manager to provide services to a client in the state of Michigan. This agreement sets forth the responsibilities, rights, and obligations of both parties involved in the investment management relationship. The primary objective of the Michigan Investment Management Agreement is to clearly define the scope of services provided by the investment manager and the client's investment objectives. It includes key provisions such as the investment strategy, risk tolerance, and the investment manager's compensation structure. This agreement also addresses important details regarding the client's investment portfolio, including allowable investments, investment restrictions, and reporting requirements. It outlines the frequency and format of performance reports, statements, and other relevant documentation that the investment manager must provide to the client. Depending on the specific needs of the client, there may be different types of Michigan Investment Management Agreements available. Some common types include: 1. Discretionary Investment Management Agreement: This type of agreement grants the investment manager full authority to make investment decisions on behalf of the client without obtaining prior approval for each transaction. The investment manager has the discretion to buy, sell, or hold investments based on the agreed-upon investment strategy. 2. Non-Discretionary Investment Management Agreement: In this arrangement, the investment manager provides investment advice to the client but requires the client's approval for each transaction. The client maintains final decision-making authority over the investment portfolio. 3. Limited Power of Attorney Agreement: This agreement gives the investment manager limited authority to manage the client's investment accounts while maintaining some level of oversight from the client. The client retains the ability to review and approve transactions. In all types of Michigan Investment Management Agreements, it is crucial that both parties fully understand their rights and obligations to establish a successful and mutually beneficial relationship. It is recommended that clients carefully review and negotiate the terms of the agreement before entering into any investment management relationship. Seeking legal counsel or consulting professionals in the investment management field is advised to ensure compliance with Michigan laws and regulations.