Nature of Licensed Fund Management Companies (LFMCs)

What differentiates an accredited investor/institutional investor LFMC from a retail investor LFMC?

"There are two sub-categories of LFMCs, being the Retail LFMCs and A/I LFMCs (i.e. accredited investor or institutional investor LFMCs). Retail LFMCs carry on business in respect of all types of investors including as its name suggests, retail investors. A/I LFMCs carry on business in fund management with “qualified investors” (as defined under the SFA) only."

Source: Simmons & Simmons LLP