what do you call a managed fund that is neither a mutual fund nor a hedge fund?

A mutual fund is usually for retail clients. A hedge fund tends to be volatile. What would u call a managed fund that deals primarily with institutional clients, on a managed account basis? Its strategy tends to be alpha but volatility is usually on par with market risk. Any ideas?

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Technorati Tags: account basis, hedge fund, institutional clients, market risk, mutual fund, retail clients, volatility