91.  Aside from selecting proprietary mutual funds that charged excessive fees and  had a track record of poor performance, Defendants also failed to adequately investigate non- mutual fund alternatives such as collective trusts and separately managed accounts.   93.  Separate accounts offer a number of advantages over mutual funds, including the  ability to negotiate fees and greater control by the plan sponsor or fiduciary over the investment  guidelines.   94.  While certain of the Plan’s options used institutional share classes, costs within  separate accounts are typically much lower than even the institutional share class of mutual  funds.   95.  For example, Deutsche Bank itself offers its institutional clients separately- managed accounts in the same investment styles as the Plan’s proprietary mutual funds,  including the Deutsche Large Cap Value, Capital Growth, and Real Estate Securities funds.   Deutsche Bank’s advertising materials state that the minimum investment for these separate  accounts is $25 to $30 million, with fee schedules that decline as assets increase.  The Plan’s  proprietary funds generally far exceed that threshold; the Plan has over $100 million invested in  each of the three proprietary funds mentioned above, for example.   97.  Similarly, Defendants could have reduced the expenses paid in the Deutsche  Large Cap Value fund from 68 to 47 basis points by converting the mutual fund to the separate  account structure advertised by Deutsche Bank to its institutional clients.   98.  Moreover, unlike mutual funds, which by law must charge the same fee to all  investors, separate account fee schedules are subject to negotiation.  Industry data shows that  actual fee schedules on separate accounts are typically lower than advertised fee schedules,  particularly when the plan or investor has a large amount of assets to invest, as did the Plan here.   Accordingly, the fee savings that Defendants could have obtained for the Plan were even greater  than the amounts reflected in the investment managers’ advertised fee schedules.   COLLECTIVE TRUSTS  