Portfolio manager-client agreement: define fiduciary duties, services, risk disclosure and fees to govern investment relationships. The agreement must specify appointment and scope of services of the portfolio manager as a fiduciary, distinguish discretionary and non discretionary duties, require client wise recordkeeping, reporting and audit, set investment objectives and restrictions, mandate detailed risk disclosures, regulate changes in funds and client access to information, prescribe fee structures and billing, allocate liabilities of manager and client, and provide rules for duration, termination, succession, assignment, governing law and dispute resolution.