It is rare in the world of investing to come across something that is exciting. In fact, investing should be a bit boring – if it’s not, you may be getting yourself into bother. So it’s great to be excited about the advent of Separately Managed Accounts (SMA’s). SMA’s mean you hold shares directly in your name (not in the name of your platform). They have four advantages: “&bull”Tax Efficiency – you don’t incur CGT when someone else in your managed fund redeems money in your fund “&bull”Tax Reporting in a more timely fashion “&bull”Transparency – you can see all the shares you own, not just say the top 10 “&bull”Customisation – changes can be tailored to the individual investor