“discretionary fund management”是资金投资管理的一种方式。在此方式下，基金投资组合经理或投资顾问代表客户作出一切基金买卖的决定。“discretionary”一词指的是所有的决定都是由投资组合经理决定的，因此“discretionary fund management”可译为“全权委托投资基金管理”。投资者若选用此种管理方式，则必须对投资经理的能力具有绝对的信任。

其英文释义如下，供题主参考：

Discretionary investment management is a form of professional investment management in which investments are made on behalf of clients through a variety of securities. The term "discretionary" refers to investment decisions being made by the investment manager based on the investment manager's judgement rather than under the direction of the client. The major aim of the services offered is to outperform benchmarks listed in the mandate; this is called providing alpha. （From Investopedia）

“全权委托投资基金管理”的主要服务对象为high-net-worth-individuals 高净值人士（常用于金融服务领域，指个人或家庭流动资产达到一定数字的人。一般来说，这一数字为大约100万美元的流动金融资产）和institutional investors 机构投资者（例如养老金）。此外，此类“全权委托投资基金管理”账户的最低投资额度也是有限制的，一般最低为250,000美元。

以下为相关双语示例：

Similarly, one or more of them may provide discretionary fund management or ancillary administration, custodian or brokerage services to investors with similar investment objectives to those of the Fund. Consequently, any of them may, in the course of their business, have potential conflicts of interests with the Fund. Each will at all times have regard to its obligations to the Fund and will endeavour to resolve such conflicts fairly.

类似地，上述各方的一方或多方可向与基金具有类似投资目标的投资方提供全权委托投资基金管理或辅助行政管理、托管或经纪服务。因此，他们中的任何人在其业务过程中都可能与基金发生潜在利益冲突。各方将在任何时候都考虑到其对基金的义务，并将尽力以公平方式解决此类冲突。