In Canada, a segregated fund is an insurance-backed pooled investment option sharing many of the same benefits as a mutual fund but with the added benefit of offering investors full or partial principal protection through insurance guarantees as well as life cover. As such, segregated funds are a more expensive investment option than mutual funds but the benefits are clear: a risk-free or quasi-risk-free investment plan. As well as risk protection, segregated funds can offer certain tax advantages in estate planning as well as protection from creditors. Alternatively, a segregated fund is a fund run under a segregated mandate i.e. a fund manager or wealth manager running money for a single client where those funds are not commingled or pooled. Segregated funds can also refer to investor funds held in segregated accounts at a securities custodian.