• The following explains the differences, advantages, and characteristics of collective investment accounts and separately managed accounts (SMAs), according to the III Annual Report of the Asset Securitization Sector 2025-2026, prepared by FlexFunds in collaboration with Funds Society.
• This information is aimed at asset managers who want to design optimized strategies for their clients.
• FlexFunds offers an asset securitization program that improves liquidity for different types of investments. For more information, feel free to contact our experts.

The financial ecosystem offers investors various tools to channel their capital, with collective investment vehicles (CIVs) and separately managed accounts (SMAs) among the most relevant.

Both models address different needs: CIVs prioritize efficiency and accessibility, while SMAs emphasize personalization and direct asset control.

Collective investment vs. separately managed accounts

Collective vehicles, such as mutual funds, exchange-traded funds (ETFs), pension funds, or SICAVs, pool the resources of multiple investors under professional management.

This approach allows access to diversified portfolios at lower individual costs, takes advantage of economies of scale, and benefits from the liquidity and transparency required by regulation.

However, it also implies lower strategic flexibility and higher exposure to collective inflows or outflows of capital.

In contrast, SMAs are designed to meet the specific objectives of each client. They offer a higher degree of transparency, greater tax control, and the ability to adapt portfolios to ethical or wealth-specific constraints.

Nevertheless, their personalized nature entails higher initial investment requirements and operational costs, restricting access to high-net-worth clients, family offices, or bespoke institutional mandates.

Current preferences and adoption trends

Globally, CIVs remain the most widespread option for both retail and institutional investors.

Their combination of liquidity, efficiency, and ease of access has consolidated them as the cornerstone of long-term saving and investing. However, SMAs have gained ground in segments that value individualization and strategic tax planning.

The III Annual Report of the Asset Securitization Sector 2025-2026, prepared by FlexFunds in collaboration with Funds Society, confirms this trend.

According to the data, 73% of managers consider it likely or very likely (levels 7–10) that the industry will evolve toward standardized collective vehicles, while only 9% express skepticism.

This consensus reflects the expectation of consolidating scalable models, with structured regulatory processes and lower operational costs.

Secondly, hybrid models—combining collective management with certain elements of personalization—emerge. In fact, 60% of respondents see them as a viable alternative, partly driven by digitalization and the possibility of segmenting or automating portfolios according to client profiles.

SMAs, on the other hand, receive lower consensus: 54% believe their adoption will increase, while 22% place them at low probability levels. This shows that despite interest in individualized solutions, scalability and cost barriers limit their mass deployment.

Frequency of collective vehicle usage

The report also analyzed how frequently managers use CIVs in their operations. The results show an average of 5.2 out of 10, with a median of 5.0 and a mode of 8.

This indicates moderate usage, but with strong polarization: while 28% use them minimally (levels 0–2), 45% use them intensively (levels 7–10).

The disparity shows segmentation within the sector. On one side, managers specialized in collective vehicles, intensively using funds, ETFs, or UCITS.

On the other, professionals focused on individualized models, discretionary management, or alternative wealth solutions not dependent on collective structures.

Most Used Tools in Collective Management

The range of instruments available for collective portfolio management has expanded significantly.

Among the most used tools are ETFs, with 62% of managers using them intensively (levels 9–10), followed by direct trading of bonds and equities (61%).

At a second level of usage are funds domiciled in established jurisdictions such as Luxembourg or the Cayman Islands (42% in the highest range), as well as UCITS funds (37%).

Specialized structures like FlexFunds-type ETPs (31%) or Swiss certificates (AMCs) (5%) show much more limited adoption.

Overall, the data reveals that the industry favors high-liquidity vehicles with recognized regulation, while more complex products still face a long path of education and dissemination.

The future: Scalability with room for personalization

The asset management industry is undergoing accelerated transformation, driven by digitalization, regulatory changes, and new investor demands.

The pressure to reduce costs and improve efficiency combines with the need to offer more flexible and personalized solutions.

In this context, collective and hybrid models appear as the most promising formats for the coming years. CIVs will remain central, thanks to their scalability and standardization, while hybrid solutions will offer the possibility of tailoring strategies to different profiles without sacrificing efficiency.

SMAs, although more exclusive and costly, will maintain a relevant place in high-value segments, where personalization and wealth planning make a difference.

To learn more about the asset management industry and collective investment, you can download the III Annual Report of the Asset Securitization Sector 2025-2026 for free, prepared by FlexFunds in collaboration with Funds Society.

To learn more about FlexFunds and our asset securitization process, you can contact our team of specialists directly. We’ll be happy to assist you!