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Separately Managed Account
In the investment management industry, a separately managed account (SMA) is any of several different types of investment accounts. For example, an SMA may be an individual managed investment account; these are often offered by a brokerage firm through one of their brokers or financial consultants and managed by independent investment management firms (often called money managers for short); they have varying fee structures. These particular types of SMAs may be called "wrap fee" or "dual contract" accounts, depending on their structure. There is no official designation for the SMA, but there are common characteristics that are represented in many types of SMA programs. These characteristics include an open structure or flexible investment security choices; multiple money managers; and a customized investment portfolio formulated for a client's specific investment objectives or desired restrictions. Description and history The term "SMA" is used mostly in the U.S. brokerage indu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment Management
Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contract, contracts/mandates or via collective investment schemes like mutual funds, exchange-traded funds, or REIT, Real estate investment trusts. The term ''investment management'' is often used to refer to the management of investment funds, most often specializing in private equity, private and public equity, real assets, alternative assets, and/or bonds. The more generic term ''asset management'' may refer to management of assets not necessarily primarily held for investment purpos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Efficiency
Economic theory evaluates how taxes are able to provide the government with required amount of the financial resources (fiscal efficiency) and what are the impacts of this tax system on overall economic efficiency. If tax efficiency needs to be assessed, tax cost must be taken into account, including administrative costs and excessive tax burden also known as the dead weight loss of taxation (DWL). Direct administrative costs include state administration costs for the organisation of the tax system, for the evidence of taxpayers, tax collection and control. Indirect administrative costs can include time spent filling out tax returns or money spent on paying tax advisors. Achieving an ideal tax system is not possible in practice. However, there is an effort to find the optimal form of taxation. For example personal income taxation should guarantee a high level of equity through progressiveness. A financial process is said to be tax efficient if it is taxed at a lower rate than an a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions & Investments
''Pensions & Investments'' (P&I) is a business magazine that focuses on pensions and investment management for institutional investors. It is owned by Detroit-based Crain Communications. History In 1973, Crain Communications President Rance Crain established P&I as a spin-off from ''Business Insurance ,'' an insurance journal established by his father in 1917. While ''Business Insurance'' had covered pensions, Crain thought a new publication was required to cover the growing complexities of pension investments. The first issue of P&I came out on October 29, 1973, just about a year before the Employee Retirement Income Security Act of 1974 was signed into law by then-President Gerald Ford. The main emphasis was on news with the first issue running a front-page story headlined, "IH dumps Harris, two other managers." P&I expanded beyond pensions to cover other forms of institutional investments such as defined contribution plans, endowments and foundations, and sovereign wealth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PTI Securities & Futures
PTI Securities & Futures is a money management, securities and discount brokerage firm with offices in Chicago, Illinois and Peoria, Arizona. Established in 1991, PTI Securities provides investors, fund managers and pension funds in the United States with investment consulting services. Management * Tom Haugh, Chief Investment Officer * Dan Haugh, President Products PTI Securities provides three main products. The first is an online stock trading service that gives investors the ability to place stock trades online or by phone and receive PTI brokers’ assistance. The "Protected Index Program" is a managed money program or separately managed account(SMA) in which investors can tailor their investments to match their personal risk profile. And, PTI’s "ProDirect" brokerage service allows self-directed traders to trade online and obtain minimal broker assistance. The privately owned company reported that, as of Dec. 31, 2008, its Protected Index Program beat the S&P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Morningstar, Inc
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services. With operations in 29 countries, Morningstar's research and recommendations are considered by financial journalists as influential in the asset management industry, and a positive or negative recommendation from Morningstar analysts can drive money into or away from any given fund. Through its asset management division, the firm currently manages over . The firm also provides software and data platforms for investment professionals, including "Morningstar Research Portal", "Morningstar Direct" and "Morningstar Advisor Workstation". History Founder Joe Mansueto initially had the idea for Morningstar in 1982 while reviewing mutual fund annual reports he had requested from several prominent fund managers. However, it was only after a year working as a stock analyst for Harris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Funds
A mutual fund is an investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital'), and the open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, stock or equity funds, or hybrid funds. Funds may also be categorized as index funds, which are passively managed funds that track the performance of an index, such as a stock market index or bond market index, or actively managed funds, which seek to outperform stock market indices but generally charge higher fees. The primary structures of mutual funds are open-end funds, closed-end funds, and unit investment trusts. Over long durations, passively managed funds consistently outperform actively managed funds. Open-end funds are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unified Managed Account
Unified managed accounts are managed investment accounts that have developed out of separately managed accounts (SMAs). Where a separate account holds the securities associated with a single investment manager or style managed for a client, a unified managed account typically holds multiple separate accounts, as well as other investment products such as mutual funds and exchange traded funds. Unified managed accounts also typically automate services such as rebalancing, cashflow management, and other services that are typically handled manually by financial advisors or institutions when using a separate account. A unified managed account removes the need to have more than one account and combines all of the asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ...s into one account ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Net Worth Individual
In the financial services industry, a high-net-worth individual (HNWI) is a person who maintains liquid assets at or above a certain threshold. Typically the criterion is that the person's financial assets (excluding their primary residence) are valued over US$1million. A secondary level, a very-high-net-worth individual (VHNWI), is someone with a net worth of at least US$5million. The terminal level, an ultra-high-net-worth individual (UHNWI), holds US$30million in investible assets ( adjusted for inflation). Individuals with a net worth of over US$1billion are considered to occupy a special bracket of the UHNWI. These thresholds are broadly used in studies of wealth inequality, government regulation, investment suitability requirements, marketing, financing standards, and general corporate strategy. , it was estimated that there are just over 16million HNWIs in the world, according to the World's Wealthiest Cities Report 2025 by Henley & Partners. The United States had the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Separate Account
A separate account is a segregated accounting and reporting account held by an insurance company not in, but rather "separate" from its general account. A separate account allows an investor to choose an investment category according to his individual risk tolerance, and desire for performance. An account may be a generic conservative or aggressive investment allocation, or a specific mutual fund-type account. Some offshore companies allow the account owners to specify the type of separate account to open. Separate accounts in the U.S. markets are often characterized as either managed or non-managed. A managed separate account is synonymous to a mutual fund in the sense that the investments of the separate account are actively managed (such as stocks, bonds or other debt instruments, loans, derivative instruments, etc.). A non-managed separate account is one that invests more "passively" in that it typically owns shares of other managed pools of investments such as mutual fund sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Managed Account
In banking, a managed account is a fee-based investment management product for high-net-worth individuals. The main appeal for wealthy individuals is the access to professional money managers, a high degree of customization and greater tax efficiencies in a fee-based product. They are not to be confused with managed bank accounts such as thinkmoney, e-money accounts and basic bank accounts, all of which are consumer banking products in the UK. Managed accounts started as separately managed accounts (SMAs) and have since evolved into multiple strategy accounts (MSAs) and the rapidly emerging unified managed accounts (UMAs). There is broad agreement that managed accounts provide the added benefits of greater transparency, liquidity and control. Managed account minimums and the cost to operate managed account programs have steadily dropped as technology helps with efficiency and scale. Increasingly, managed account products are seeing interest from the " mass affluent" as well. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Fund
A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital'), and the open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond fund, bond or fixed income funds, stock fund, stock or equity funds, or hybrid funds. Funds may also be categorized as index funds, which are passively managed funds that track the performance of an index, such as a stock market index or bond market index, or actively managed funds, which seek to outperform stock market indices but generally charge higher fees. The primary structures of mutual funds are open-end funds, closed-end funds, and unit investment trusts. Over long durations, passively managed funds consistently outperform actively m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portfolio (finance)
In finance, a portfolio is a collection of investments. Definition The term "portfolio" refers to any combination of financial assets such as stocks, bonds and cash. Portfolios may be held by individual investors or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a portfolio is designed according to the investor's risk tolerance, time frame and investment objectives. The monetary value of each asset may influence the risk/reward ratio of the portfolio. When determining asset allocation, the aim is to maximise the expected return and minimise the risk. This is an example of a multi-objective optimization problem: many efficient solutions are available and the preferred solution must be selected by considering a tradeoff between risk and return. In particular, a portfolio A is dominated by another portfolio A' if A' has a greater expected gain and a lesser risk than A. If no portfolio dominates A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
