The Ledger
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Multi-strategy SMAs let institutional allocators borrow at Fed funds plus 20bps
“The real unlock when you think of an overall plan like UTIMCO or SWIB, you're implicitly borrowing money at Fed funds plus like 20 basis points.”
The historical stigma of adverse selection in managed accounts has faded
“What's happening now is given how easy it is for both the manager and the source of capital to have a managed account relationship, the availability of talent that is participating in running managed accounts, this whole notion of adverse selection has been di…”