Final answer:
Funds of Funds provide services such as manager selection and monitoring of underlying funds' performance to maintain a diversified portfolio that matches the investment objectives.
Step-by-step explanation:
Funds of Funds (FoFs) are investment vehicles that hold a portfolio of other investment funds rather than investing directly in stocks, bonds, or other securities. This type of investment strategy allows investors to achieve a diversified portfolio with a single investment. Among the services provided by Funds of Funds, manager selection and monitoring are included. Manager selection involves the careful screening and selection of fund managers to ensure that the fund of funds is composed of high-quality investment funds. Monitoring refers to the ongoing assessment and oversight of the performance and strategy of the underlying funds to ensure they align with the objectives of the FoFs. While structured products might be offered by some FoFs and efficient trading strategies could be a result of manager selection, they are not generally considered primary services provided by FoFs.