An atypical fund structure in which a fund, such as a hedge fund or mutual fund, is managed by another management team or firm than where the assets are held. Sub-advised funds are often found in wrap programs or variable annuities.

Investopedia Says:
Sub-advised funds are often smaller versions of larger mutual funds and hold the same stock proportions as the larger mutual fund. Because there are two management companies being paid, sub-advised funds can often have layered fees, so these funds should be examined closely before deciding to invest.

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Note added at 1 hr (2009-02-02 16:29:44 GMT)
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algo próximo de "investimento mútuo", "fundos compartilhados",
e precisaria um pouco de engenharia para adequar isso ao contexto