A Guide to Separately Managed Accounts (SMAs)
Institutional investors are increasingly seeking investment structures that offer greater transparency, control, customisation, and alignment with portfolio objectives.
This guide examines the key features, advantages, and limitations of SMAs, including how they compare with commingled funds, funds of one, and managed account platform structures. It also outlines the practical issues investors should consider before implementation, from governance and operational readiness to manager access, costs, risk aggregation, liquidity, and regulatory and compliance obligations.
