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Separately managed accounts (SMAs) are rapidly redefining the landscape of hedge fund investments. While SMAs are not a new concept, their adoption has ramped up in recent years, driven by advances in technology, investor demand for transparency and evolving regulatory frameworks. For fund managers and institutional investors alike, SMAs offer a tailored investment structure that prioritizes control, customization and capital efficiency.

Why SMAs Are Gaining Traction

According to our "Separate Ways: Behind the Evolution of Managed Accounts" report, produced in partnership with Hedgeweek, nearly half of hedge fund managers now offer SMAs, with 10% planning to implement them over the next year. Larger funds are leading in SMA adoption, though mid-sized and smaller funds are catching up as operational complexity decreases.

Key Drivers Behind SMA Growth

1. Transparency 鈥� One of the most appealing attributes of SMAs is their transparency. Investors gain real-time visibility into their portfolios, eliminating the 鈥渂lack box鈥� issues often associated with traditional hedge funds. This feature has been critical in earning the trust of institutional investors and family offices.
2. Customization 鈥� SMAs provide tailored investment guidelines, allowing investors to align their portfolios with specific tax, risk or ESG requirements. This customizable framework is particularly attractive to high-net-worth individuals and family offices looking for bespoke solutions.
3. Capital Efficiency 鈥� Unlike traditional commingled funds that require full upfront capital funding, SMAs offer notional funding and cross-margining capabilities. These efficiencies help maximize returns by reducing idle cash and improving operational flexibility.
4. Regulatory Considerations 鈥� Regulatory pressures have made SMAs more attractive in certain regions, particularly in the United States, where the regulatory environment is more conducive to SMA adoption compared to Europe.

Challenges in SMA Management

While SMAs offer a range of benefits, they come with increased operational complexity. Managing multiple bespoke accounts requires robust infrastructure, advanced technology and specialized service providers.

Operational Considerations

1. Technology Integration 鈥� To efficiently handle the unique requirements of SMAs, managers rely on advanced technologies for portfolio management, compliance and reporting. Platforms with strong customization capabilities and real-time data integration are essential.
2. Service Provider Selection 鈥� Choosing the right partner is critical to SMA success. Fund managers often prioritize providers with strong market reputations, technological expertise and a 鈥渙ne-stop-shop鈥� offering for operational efficiency.
3. Scalability 鈥� Smaller managers frequently struggle with the high costs and resource demands of running SMAs, though technology advancements are beginning to lower these barriers. These new technologies make implementation increasingly viable for smaller funds.

Regional Insights

The adoption of SMAs varies significantly across regions. North American hedge fund managers are adopting SMAs faster than their European counterparts, with 63% of US managers offering SMAs versus 54% in Europe. Additionally, the Asia-Pacific (APAC) region is beginning to show significant interest, particularly in markets like Singapore.

Regulatory barriers, market maturity and the availability of experienced service providers play a role in shaping these regional disparities. North American markets, for example, benefit from a more supportive regulatory framework and a mature alternative investment ecosystem.

The Future of SMAs in Hedge Funds

The trajectory for SMAs is clear鈥攚ith adoption rates increasing rapidly, they are becoming a must-have offering for hedge fund managers seeking to attract institutional capital. We expect the growth in the space to continue.

1. Technological Advancements 鈥� Continued innovation in AI-driven portfolio management systems and data analytics will further streamline SMA implementation.
2. Broader Adoption 鈥� Mid-sized and smaller hedge funds are expected to increase SMA offerings as operational barriers decrease.
3. Investor Expectations 鈥� Institutional investors and family offices will likely demand even greater transparency, customization and efficiency from SMAs, pushing managers to further innovate.

Embracing the Shift Toward SMAs

Separately managed accounts are no longer a niche offering reserved for the largest hedge funds. They have become a powerful tool for delivering transparency, customization and capital efficiency to a sophisticated investor base. However, successful SMA implementation requires the right blend of technology, operational expertise and trusted service providers.

For fund managers, the message is clear: adapting to this trend is essential to stay competitive in attracting capital. For investors, SMAs represent a strategic opportunity to align portfolios with specific needs while gaining greater control.

If you鈥檙e navigating the evolving landscape of alternative investments, now is the time to explore the potential of SMAs. By harnessing these modern investment structures, you can stay ahead in a market that demands innovation, precision and adaptability. Download our full "Separate Ways: Behind the Evolution of Managed Accounts" report to learn more.