18 June 2026
The AIMA Global Investor Board recently convened institutional investors to discuss the evolving role of Separately Managed Accounts (SMAs) within institutional portfolios.
The discussion highlighted the growing diversity of SMA use cases across the investor community. While transparency, reporting and capital efficiency remain important drivers, investors increasingly view SMAs as flexible portfolio implementation tools that can support customised exposures, differentiated opportunities and broader portfolio construction objectives.
Participants also noted that advances in managed account platforms and operational infrastructure have lowered implementation barriers, making SMA structures more accessible to a wider range of institutional investors.
A consistent theme throughout the discussion was the importance of alignment between investors and managers. As demand for customisation and flexibility grows, investors continue to emphasise the need for fair economics, transparency and long-term partnership.
The discussion provided valuable insights into how allocators are thinking about SMAs and what they increasingly expect from manager partners.
AIMA members can access the full discussion note, including detailed investor perspectives, survey findings and key takeaways for asset managers.