What is a Separately Managed Account (SMA)?


A Separately Managed Account (SMA) is a portfolio that allows investors to invest directly in shares while receiving the benefits of professional investment management. Investing with an SMA allows the investor to retain beneficial ownership of the underlying securities, and receive the professional management, low costs, and simplified reporting of a managed fund.

Beneficial ownership means that as an investor you retain the ‘benefits’ of ownership in much the same way as if you owned the underlying investments directly (such as buying shares in a company via a stock broker), such as receiving dividends and franking credits.



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