After years of steady growth, institutional appetite for separately managed accounts appears to have reached an inflection point, with new data revealing a dramatic shift back towards commingled fund structures.
Strong preference for SMAs among hedge fund allocators has dropped from 25% to just 11% over the past six months, according to the Hedgeweek®-AIMA H1 2026 Allocator Survey of over 100 global institutions. Meanwhile, strong preference for commingled funds has nearly doubled from 19% to 35...
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