Managed account optionence
In the investment management industry, a separately managed account SMA is any of several different types of investment accounts. For example, an SMA may be an individual managed investment account ; these are managed account optionence offered by a brokerage firm through one of their managed account optionence or financial consultants and managed by independent investment management firms often called money managers for short ; they have varying fee structures.
These particular types of SMAs may be called "wrap fee" or "dual contract" accounts, depending on their structure. These characteristics include an open structure or flexible investment security choices; multiple managed account optionence managers; and a customized investment portfolio formulated for a client's specific investment objectives or desired restrictions.
The term "SMA" is used mostly in the U. In this context, an SMA can be thought of managed account optionence an investment vehicle similar to a mutual fundin which the customer pays a fee to a money manager for its services managing the customer's investment. The important difference is that a mutual fund investor owns shares of a company that in turn owns other investments, whereas an SMA investor owns the invested assets directly in his own name.
Managed account optionence must abide by a number of requirements, set forth in Rule 3a-4 under the Investment Company Act ofto ensure they are not deemed to be unregistered investment companies. A similar type of account or arrangement is termed a " separately managed account ", " separate account ", or " private account " when opened directly with investment management firms, which are not brokerage firms.
The term "separate account" in this context should not be confused with separate account of an insurance company. SMAs were developed in the s to accommodate accounts and clients who needed to meet specific objectives that did not fit within the constrictions of a mutual fund investment. It is the freedom of choice of professional managers, portfolio customization, objective investment advice for a set fee, diversification or concentration should the client choosetax efficiency and general flexibility that have made SMAs popular among informed investors.
Some people [ who? There is no clear answer, [ citation needed ] and without comprehensive data, any evidence is largely anecdotal. The ownership structure of an SMA provides an investor some tax advantages over a similarly-invested mutual fund. After purchasing mutual fund shares, an investor will have a tax liability for any net capital gains in the mutual fund portfolio, even if the investments the fund sold for a gain were purchased before the managed account optionence owned the shares of the fund.
This is known as an managed account optionence capital gain," and has a negative effect on the investor's return from his mutual fund investment. However, because assets in an SMA are owned by the investor directly, managed account optionence capital gains are not possible. Further, an investor in an SMA typically has the ability to direct the investment manager to sell individual securities with the objective of raising capital gains or losses for tax planning purposes. This practice is known as "tax harvesting", and its objective is to attempt to equalize capital gains and losses across all of the investor's accounts for a given year in order to reduce capital gains taxes owed.
SMAs are popular with wealthier investors managed account optionence their financial advisers as they are seen as exclusive, and managed account optionence investment options not available to those of more modest means. According to the State of the Financial Advisory Industry: The financial scandals and market declines that occurred in have served as a catalyst managed account optionence hedge fund investors to migrate towards SMAs. The unified managed account is an example of an improvement on the SMA structure as it links multiple managers and strategies to a single investor-controlled account.
The managed account optionence of the unified managed account allows whatever blend of managers selected by the investor to be more capital and operationally efficient than had the same blend been structured within an SMA or within a fund structure.
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