Fee-based Report Winter 2024—The Evolution of SMA/UMA Programs

Over the past 10 years, SMA/UMA providers have made great strides in addressing some of the most common challenges about these offerings, including fees, minimums and client administration. In doing so, providers have expanded the breadth of investors with access to these programs and extended the offering outside traditional SMA mandates. 

This research article looks at how SMA/UMA programs have evolved since their launch in the early 2000s, focusing on how these firms have addressed these challenges through the transition to more proprietary products, as well as how they expect to continue to innovate in the future.