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SMAs can be an ideal solution for high-net-worth investors looking for a more tailored approach to their investments. On this page you can find out more about SMAs and how our capabilities can help.
A separately managed account, or SMA, is a portfolio of securities that is professionally managed separately from other portfolios. Their targeted nature is one of the key differences between SMAs and mutual funds or exchange-traded funds (ETFs): While an SMA is managed for the benefit of one investor, mutual funds and ETFs pool the assets of many investors. This allows the asset manager to customize the portfolio depending on agreed goals and preferences.
SMAs were originally devised to serve institutional investors requiring customizable investment strategies not available through traditional mutual funds. Today however, SMAs are also available to high-net-worth investors looking for a more tailored investment approach.
True to their name, SMAs are managed separately and are not governed by a prospectus. This allows for greater flexibility to tailor the strategy to the investor’s specific requirements or personal preferences.
The direct ownership structure of SMAs offers a few tax advantages for investors. One advantage is that tax-loss selling can be targeted to the individual’s unique situation to help offset capital gains tax and potentially increase after-tax returns.
SMA investors own the underlying portfolio holdings directly, allowing them to view their securities along with current positions and prices at any time.
July 15, 2023
October 12, 2023
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