Before revision: A fund manager is paid performance fees with a high-water mark provision, and invests both fund's assets and  private wealth in separate but potentially correlated risky assets, aiming to maximize expected utility from private wealth in the long run.
After revision: A fund manager is paid performance fees with a high-water mark provision, and invests both fund's assets and own private wealth in separate but potentially correlated risky assets, aiming to maximize expected utility from private wealth in the long run.