A separately managed account (SMA) is an individual managed investment account offered typically by a brokerage firm through one of their brokers or financial consultants and managed by independent investment management firms (often called money managers for short) and have varying fee structures. With such a broad definition, many types of accounts might fit the definition of an SMA. There is no official designation for the SMA but there are common characteristics that are represented in all SMA programs. These characteristics include an open structure or flexible investment security choices; multiple money managers; and a customized investment portfolio formulated for a client's specific investment objectives or desired restrictions.
Read more about Separately Managed Account: Description and History, Performance
Famous quotes containing the words separately, managed and/or account:
“What if there are not only two nostrils, two eyes, two lobes, and so forth, but two psyches as well, and they are separately equipped? They go through life like Siamese twins inside one person.... They can be just a little different, like identical twins, or they can be vastly different, like good and evil.”
—Norman Mailer (b. 1923)
“Adolescence is a tough time for parent and child alike. It is a time between: between childhood and maturity, between parental protection and personal responsibility, between life stage- managed by grown-ups and life privately held.”
—Anna Quindlen (20th century)
“Eighteen convicts being hanged in one day ... a woman was crying an account of their execution. A gentleman asked her why she said nineteen, when there had been but eighteen hanged? She replied, “Sir, I did not know you had been reprieved.””
—Horace Walpole (1717–1797)