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Next-Generation SMAs In Search of Next-Generation Solutions

Unified managed accounts (UMAs) are moving to the forefront of the evolving separately managed accounts (SMA) marketplace, presenting the wealth management industry with new operational challenges that will require technological innovations to overcome.

As a bellwether for SMA sponsors, industry experts point to an announcement in February by Merrill Lynch & Co.--the largest sponsor for such accounts--that it was restructuring its program to accommodate UMAs.

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