An MDA is an arrangement where you provide your adviser or fund manager with the authority to make
and implement investment decisions on your behalf similar to a power of attorney. With such
arrangements, you agree for somebody to act on your behalf (within rules).
The advantage of an MDA is that the person you provide the authority with can act quickly to take
advantage of market opportunities. However, while there are general rules within which they will
operate, you do not know what individual transactions they will make on your behalf until they are done
– you appoint them to have discretion over your money.
