👉 In the context of investment management, a "non-fiduciary" is an individual or entity that does not act in the best interest of their employer or clients. This means that they may receive compensation for recommending investments to their clients, but they do not have any specific role in determining whether those investments are in the best interest of the client. Non-fiduciaries can include hedge funds, private equity firms, and other investment management firms. Non-fiduciaries are considered to be
