Security broking and fund management businesses deal in investments and manage assets on behalf of individuals, companies, pension schemes and other institutions. Brokers may arrange or execute purchases and sales of securities such as shares, bonds, investment trusts and exchange-traded funds. Depending on the service offered, they may provide execution-only dealing, investment research or advice, and discretionary portfolio management, where investment decisions are made for a client within an agreed mandate. Fund managers oversee portfolios or pooled investment funds, selecting and monitoring investments in line with the fund's stated objectives, strategy and risk profile. Customers may access funds investing in particular asset classes, regions or sectors, as well as diversified portfolios. Services can also include portfolio reporting, custody or administration arrangements, and support with transferring or holding investments.