Wee, in Dundee

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Possible Answers: SMA.

Last seen on: LA Times Crossword 5 Nov 2017, Sunday

Random information on the term “SMA”:

A separately managed account (SMA) is a term within the investment management industry encompassing several different types of investment accounts. For example, an SMA often is used to refer to an individual managed investment account 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) and 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.


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The term “SMA” is used mostly in the U.S. brokerage industry for these types of arrangements whereby an account is managed by portfolio management resources within the firm, or more commonly, by an outside money management (investment advisory) firm along with an administrator. In this context, an SMA can be thought of as an investment vehicle similar to a mutual fund, in which the customer pays a fee to a money manager for its services managing the customer’s investment. The important difference is that a mutual fund investor owns shares of a company that in turn owns other investments, whereas an SMA investor owns the invested assets directly in his own name. SMAs must abide by a number of requirements, set forth in Rule 3a-4 under the Investment Company Act of 1940, to ensure they are not deemed to be unregistered investment companies.

SMA on Wikipedia