Separately managed accounts (SMAs) offer investors added control and transparency, along with the ability to deviate from a fund manager’s flagship strategy. Seward & Kissel recently issued its second annual Snapshot Report on SMAs. The report explores which managers offer SMAs; which investors choose SMAs; strategy preferences; and fees and other key SMA terms. This article explores the principal findings of the study, with further thoughts from Seward & Kissel partner Nicholas R. Miller. See “Evolving Practices Regarding Hybrid Structures, Co‑Investments, Separate Accounts, ESG Challenges and Expense Allocations” (May 19, 2022); “Morgan Lewis Attorneys Discuss Strong Hedge Fund Performance and Innovative Structures (Part One of Two)” (Jan. 20, 2022); and “The Evolving Use of Managed Account Platforms and Platform Providers” (Nov. 11, 2021).