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Critically analyse the similarities and differences in the characteristics and investment objectives of: (a) Pension funds, (b) Mutual funds; (c) Hedge funds, (d) Individual/direct investment in bonds and equities

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Critically analyse the similarities and differences in the characteristics and investment objectives of: (a) Pension funds, (b) Mutual funds; (c) Hedge funds, (d) Individual/direct investment in bonds and equities.