SMAs have gained traction in the managed account space largely due to reduced minimum investment thresholds and advancements in model delivery.
Separately managed accounts (SMAs) have seen substantial growth in recent years, with total assets reaching US$3.86 trillion in the first quarter of 2025, according to new research by Cerulli Associates . This figure includes SMAs held within unified managed accounts (Umas) and represents a 54.1% increase over a two-year period, as per Cerulli's report. Cerulli reports that the average redemption rate for equity SMAs stands at 21.1% Despite this expansion, Cerulli’s research indicates