FYI: SMAs are geared toward wealthy individual investors who don’t meet the minimum threshold of traditional managed accounts. They provide investors with choice in how they access professional investment management strategies.
Simply put, a separately managed account provides a portfolio of assets managed by a professional investment firm. In the United States, these firms are typically classified as registered investment advisors (RIAs) and are regulated by the U.S. Securities and Exchange Commission (SEC). With an SMA, an investor’s entire portfolio is under the direct control of a portfolio manager; they manage the day-to-day investment decisions with support from their team of analysts and administrative staff.
Regards,
Ted
http://mutualfunds.com/education/mutual-funds-vs-separately-managed-accounts/
