Oct 1, 2007 12:00 PM, By Douglas Moore, managing director and U.S. head of estate & charitable planning, Citi Trust, New Y

By: By Douglas Moore, managing director and U.S. head of estate & charitable planning, Citi Trust, New Y

Proper asset allocation is the cornerstone of prudent investing. But once the allocation is made, fiduciaries have a critical decision to make: How should each asset class be invested? There are two main choices: active or passive management. Both have advantages and disadvantages. In fact, for portfolios in excess of $5 million, fiduciaries often use a combination of these approaches.

Because of the greater range these days of investment opportunities and methods, it's critical that fiduciaries understand all their options — and what's appropriate under each circumstance.¹ Here's a guide:

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