By Sam Dunn

PUBLISHED: 17:56 EST, 10 July 2012 | UPDATED: 04:48 EST, 11 July 2012

How do you fancy having your own fund manager to try to boost your long-term savings?

They would keep a close eye on where you are invested, sell funds that were failing and buy new ones that are about to soar.

It sounds ideal and it ispossible. Increasing numbers of investors are turning to a fund of funds, a type of investment where one fund manager picks a whole range of funds for you based on how much risk you are willing totake.

Filtering down: How 'funds of funds' investments work to spread your risk

Typically, the money is invested in between 10 and 30 other investment funds these in turn invest in 20 to 30 other companies.

These type of funds helpyou take less riskbecause your cash is spread across a greater number of funds and companies.

So if one funds performance starts to fall off a cliff, you should, in theory at least, be able to rely on some of the others to prop it up.

Of course, the fund manager isnt actually working just for you but you and a host of other like-minded investors.

Read this article:
Will a personal fund manager be worth the extra expense?