Separately Managed Accounts
A separately managed account (SMA) is a portfolio of assets managed by a professional investment firm. They can include stocks, bonds, cash, and other securities.
Separately managed accounts enable investors to build a portfolio that is more responsive to their needs.
SMAs differ from pooled investment vehicles, like mutual funds, in that each portfolio is an individual account. This allows for a high level of customization which can result in increased tax efficiency and a more personalized focus on particular companies and industries and/or approaches, such as value-based investing. Additionally, SMAs typically require a much higher initial investment than a mutual fund.
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