A Separately Managed Account (SMA) is a Managed Account where the professional Investment Manager manages a portfolio mandate and implements the same investment decisions across all portfolios subject to client customisations ("top down"). Customisations can be utilised to lock stock holdings and to take into consideration an individual's tax position. An SMA is distributed via a Managed Investment Scheme (MIS) and therefore has the same sales and operational processes (for the adviser and client) as a managed fund.

All investors in the Portfolio Mandates have their portfolios invested in the same way. Investment decisions are made by an Investment Manager, trade files are generated by the Responsible Entity and then sent to WealthPortal to execute. Trades are then allocated out to each individual client account.

The above information has been sourced from WealthPortal