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While the ETF asset pool continues to grow (topping $7 trillion in the U.S. in 2021)1, advisers are also seeing increases in assets raised via Separately Managed Accounts (SMAs). With gross assets at $54 trillion in North America2 – ballooning SMAs have reached asset levels not seen since before the financial crisis. Investors are clearly noticing some of the advantages to these types of accounts. They receive customized strategies, often get a high level of personal attention from their money managers and have the ability to see all of their specific holdings in one statement.

Private equity fund accounting is quite complex to other investment vehicles.