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    Morgan Stanley

    Morgan Stanley Drops the Accreditation Gate on PMAX: What 'Daily Subscriptions' Really Means
    Regulatory & Compliance

    Morgan Stanley Drops the Accreditation Gate on PMAX: What 'Daily Subscriptions' Really Means

    Morgan Stanley opened PMAX - Balanced to non-accredited investors at $10K. Here's the '40 Act structure behind it and why 'daily subscriptions' isn't daily liquidity.

    Jeff Barnes, MBA··10 min read