Industry Terms Defined

Dual contract account: A two-party single managed account where a client hires a third-party manager directly for investments and a sponsor for performance reporting, custody and trade execution.

Multiple Sleeve: A single account that encompasses the investment strategies of multiple investment managers. Also known as a multi-style or multi-strategy portfolio:

Unified Managed Account: A single fee-based account that houses numerous investment products, such as SMAs, mutual funds, stocks, bonds and exchange-traded funds. A UMA combines all assets into one account with a single registration.

Unified Managed Household Account: Similar to a UMA, it also comprises multiple custodial relationships for multiple accounts for one individual.

Message Standards: Common language, developed by the MMI, to transmit data and account instructions between industry participants.