prudent man rule

what is a “trustee” in the context of the prudent man rule. Does this concept apply to every investment manager in every pfolio they run? or if there is a specific subset to whom it applies what exactly is that subset? Thanks, dirty

A trustee is a fiduciary who is put in charge of carrying out the terms of a trust document.

types of accounts where you may see a “trustee” (other than a “trust”): Foundations, Endowments, pensions, charitable groups, schools if the account has a beneficiary (my old aunt Bertha) or a group of beneficiaries (the residents of the SuperHero sidekick retirement home) and the money is being managed on their behalf then the Prudent Man or New Prudent Investor rule applies. oh yeah, and the stated beneficiary does not have to be an actual person, it could be something like the “Endowment for the Black Swan Watershed (that it may be enjoyed by generations of candidates)”…this account would still have a trustee or trustees