(1) The combined new firm has discretionary funds of more than ￡4 billion under management, to which Bell Lawrie contributes about half.

(2) McIntosh worked in the discretionary fund management operation of the firm and also looked after the dealing and institutional sales side.

(3) Still, the new managers did have some discretionary funds and resources for distribution.

(4) Such a body may also be more consistent in applying discretionary funds for research and innovative practice.

(5) Similarly, a family can set aside a pool of discretionary funds over which the next generation has spending authority.

(6) Budget: The project manager's perceived ability to authorize others'use of discretionary funds.