09:38 (2X)
FOF is the most appropriate. FOF is suitable for smaller investors, and offer simplified reporting, back office and related functions, so investors do not need in-house functions to support such investment. Elfheah is a smaller investment firm with no in-house capacity. FOF will suit its needs. SMA typically is for investors with large AUM. It's more expensive on the fee and costs too. UCTIS offers good liquidity but Elfhead does not have specifically high liquidity need as a top investment consideration