Described herein is an embodiment for administering two or more funds or one or more funds and one or more separate account portfolios, where each fund or portfolio is managed using a common investment process. The funds may have different management and distribution fees and may have different investor eligibility requirements. The fee structure may be accomplished through a fund of funds or holding company structure. Also described is an embodiment for investment management wherein funds and separate account portfolios using a common investment process exchange their shares or units and baskets of their securities to accommodate entry and exit of investors while protecting ongoing investors from the cost of such entries and exits and to accommodate investors paying different fees and expenses.