Wrap: The next generation

While managed funds are the traditional investment vehicle with which most advisers are familiar, separately managed accounts - also known as SMAs or managed accounts - are increasingly being promoted overseas as offering a number of valuable benefits from the perspectives of tax management, cost and personalisation. In the US and Australia, managed accounts have, in one form or another, been around and building for many years. Their popularity in the US has reached significant heights - in some cases outstripping the funds inflow of mutual or managed funds for providers such as Merrill Ly...