![]() ![]() In this context, an SMA can be thought of as an investment vehicle similar to a mutual fund, in which the customer pays a fee to a money manager for its services managing the customer's investment. brokerage industry for these types of arrangements whereby an account is managed by portfolio management resources within the firm, or more commonly, by an outside money management (investment advisory) firm along with an administrator. The term "SMA" is used mostly in the U.S. 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. There is no official designation for the SMA, but there are common characteristics that are represented in many types of SMA programs. These particular types of SMAs may be called "wrap fee" or "dual contract" accounts, depending on their structure. For example, an SMA may be an individual managed investment account these are often offered 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) they have varying fee structures. In the investment management industry, a separately managed account ( SMA) is any of several different types of investment accounts. ![]()
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