Separate Ways II:

The SMA Playbook for 2026

Spreading out: Private credit’s next growth wave

REPORT

Separately managed accounts (SMAs) have become the go-to route for raising institutional capital. But what happens when allocators can't process the transparency they demanded?

This report, based on surveys of 100 hedge fund managers and 50 allocators, reveals the operational realities behind the SMA growth story – where demand is heading, why some allocators are pulling back, and what separates managers who win mandates from those who don't.

Here's your guide to navigating what comes next.

Webinar

Join us for our webinar 'Separate Ways II – Beyond the Numbers', as we discuss:

DATE: Wednesday, 25th March

TIME: 3PM GMT / 11AM EDT

• Why allocators who want SMAs are realising they can't keep up with the data
• How under-resourced allocators are coping with SMA complexity
• How multi-strategy platforms are changing the way allocators think about SMAs
• What emerging managers need to get right before launching an SMA programme
• Where AI will make the biggest near-term difference in SMA operations
• Which allocators will deepen their SMA programmes and which will pull back

Speakers:

Manas Singh

Head of Research

Hedgeweek®

Jason Costa

Head of Hedge Fund Services / North America

SS&C GlobeOp

Danielle Terrazzino

Global Head of Platform Management Innocap