What Are SMAs?

Separately Managed Account (SMA) model portfolios are a way to invest directly in shares with the advantage of direct share ownership, while maintaining some of the key benefits of professional investment management through an investment adviser, with comprehensive portfolio management and reporting.

How do SMAs work?

PacReef SMAs are fundamentally micro managed funds with the underlying assets owned directly by the investor. It is the underlying platform (HUB24) that makes this possible by holding all valuations, handling all of the reporting and other responsibilities that direct share investment ownership entails. There are also tax advantages in owning the assets directly rather than in a managed fund.

The PacReef Advantage

It’s about funds management expertise and influence.

PacReef’s services have been designed to support the licensed advice business and their authorised investment advisers who understand the advantages of…

  • investing in direct shares and
  • a facility that provides for a broad range of investor assets under a single reporting structure.


PacReef provides additional investment expertise, support, systems and processes, along with a professional funds management overlay to the direct share (and other investments) model using an SMA structure to manage and report. This provides the licensee and the investment adviser with the ability to…

  • better manage portfolio changes without having to invest time and resources to seek and gain client permission for every change (as the client agreed to the SMA portfolio service at the start), and
  • the comfort of support in the event of adviser illness or extended leave.

PacReef's SMA Core Features

PacReef SMA SMAs Generally Direct Equities Managed Funds
Adviser-influenced portfolios
Licensee-influenced portfolios
Adviser & Licensee access to support for rigorous portfolio construction, management and oversight
Corporate Actions administered
Tax Reporting – comprehensive
Access via Product Disclosure Statement (PDS)
Fees – transparent
Ownership – shares are owned by the client
Underlying shares – viewable
In specie transfers – available
Embedded CGT – avoided
Transactions – buys and sells are ‘netted’
Units (not shares) – issued to member accounts

Find out more about PacReef's SMAs