Solutions to Meet Your Needs
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Emerging Markets
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Non-US
Direct Ownership, Real Advantages
Separately Managed Accounts (SMAs)
Tailored Accounts
No two investors are the same. That’s why a separately managed account (SMA) is designed around an individual's specific financial objectives.
An SMA is a customized investment account that offers direct ownership of a diversified collection of stocks, bonds, or other securities, including alternatives and real assets. SMAs also offer enhanced tax efficiency, transparency, and the flexibility to reflect personalized investment priorities.
Designed to adapt to today’s evolving financial landscape, SMAs can help support long-term wealth creation and multigenerational planning.
Is an SMA Right for Your Clients?
SMAs are ideal for investors who want a professionally managed portfolio tailored to their individual needs. Investors may choose an SMA when they are:
- Building wealth and seeking a portfolio managed to their own financial goals.
- Focused on tax efficiency and greater control over capital gains.
- Investing around concentrated single-stock positions or excluding specific securities based on inherited or existing holdings.
- Interested in transparency and direct advisory—with full visibility into every holding and the team managing it.
THE SMA ADVANTAGE
Crafted for Quality and Clarity
Personalized Solutions
Built around each investor’s goals and risk tolerance, direct-ownership portfolios address specific priorities and give clients greater control over their financial future.
Tax Efficiency
Year-round tax-loss harvesting and capital gains management can offset taxable income, carry losses forward, and reinvest proceeds to improve after-tax outcomes over time.
Increased Flexibility
Greater control over allocation, timing, and ownership decisions, with the potential to improve portfolio liquidity and adapt as each client’s needs change.
Enhanced Transparency
Real-time insights into every trade, holdings, and account activity, with regular reporting that keeps clients connected to their investments.
HOW SMAs compare
What Advisors Should Know: SMAs vs. Mutual Funds vs. ETFs
Understanding the distinctions between SMAs, mutual funds, and exchange-traded funds (ETFs) can help you identify the right portfolio approach best aligned with your clients’ individual investment objectives, preferences, and planning needs.
Comparison reflects general characteristics of each vehicle and is not tax advice.
1SMA fees and terms vary by strategy and sponsor.
OUR EDGE
We Deliver a Broad Range of Strategies to a Diverse Client Base
We deliver world-class investment solutions and long-term value for our clients.
When clients partner with us, they gain a trusted advocate committed to championing their success and helping them achieve their unique ambitions.
$285B
Total Firm Assets Under Management
4,500+
Company Meetings
100%
Active Management
As of 30 June 2026. AUM includes Lazard Asset Management and its global affiliates - of Lazard Frères Gestion (LFG), Lazard Frères Banque SA (LFB). Financial Intermediary clients include Mutual Fund Sponsors, Registered Investment Advisors, Broker-Dealers, Banks, and may also include direct investors in pooled vehicles operating through an omnibus account. Public / Government includes public pension funds, labor unions and Taft-Hartley clients. Endowments and Foundations (E&F)/Healthcare also includes certain Family Office clients. Wealth Management includes clients of Lazard Family Office Partners and the wealth management business of Lazard Frères Gestion, which are principally family offices and high-net worth individuals. “Other” includes AUM attributed to direct investors in pooled vehicles where further transparency is not available. Fluctuations in assets under management (AUM) may occur due to a variety of factors, including but not limited to, client transitions and strategy re-categorizations over time. Lazard does not attempt to re-state AUM on a historical basis to account for these transitions and re-categorizations and instead, seeks to incorporate these changes on a forward-looking basis.
Getting Started
Three Steps to a Tailored Portfolio
1
Start the Conversation
Tell us about your client’s goals, tax situation, and time horizon.
2
Design the Portfolio
We build a portfolio of individual securities your client owns directly, aligned to their objectives.
3
Monitor & Optimize
We manage the account on an ongoing basis—with regular reporting, rebalancing, and tax-loss harvesting, where appropriate.
FAQ
Common Questions About SMAs
At Lazard, a dedicated investment team manages a portfolio of individual securities on your client’s behalf, while the client keeps direct ownership of the holdings. The portfolio is built to support your client’s unique financial objectives.
SMAs are generally used by investors with substantial investable assets who want personalization, enhanced tax management, and transparency, alongside professional management.
Yes. Because the client owns the underlying securities directly, holdings can be tailored to reflect specific goals, tax circumstances, and preferences—this including screening for security exclusions.
Direct ownership allows for individualized tax strategies like year-round tax-loss harvesting and timing management of realized gains. Tax outcomes depend on each investor’s circumstances. Please reach out to your Lazard representative to learn more.
Minimums vary by strategy and program. Please reach out to your Lazard representative to learn more.
Get in Touch
Explore how our SMA platform can help deliver more personalized investment solutions for your clients.
Important Information
Published on 21 August 2026.
Information and opinions presented have been obtained or derived from sources believed by Lazard Asset Management LLC or its affiliates (“Lazard”)
to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of the published date and are subject to change. The performance quoted represents past performance.
Past performance is not a reliable indicator of future results.
Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or going to www.lazardassetmanagement.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and The Lazard Funds that may not be detailed in this document. The Lazard Funds are distributed by Lazard Asset Management Securities LLC.
Allocations and security selection are subject to change.
Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in these countries.
This document reflects the views of Lazard Asset Management LLC, Lazard Frères Gestion or its affiliates (“Lazard”) based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. This document is provided by Lazard for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service, or investment product. Investments in securities, derivatives, and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. The views expressed herein are subject to change, and may differ from the views of other Lazard investment professionals.
This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard’s local regulatory authorizations.
Please visit https://www.lazardassetmanagement.com/us/en_us/global-disclosure for the specific Lazard entities that have issued this document and the scope of their authorized activities.