Issue link: https://info.seic.com/i/1540115
3 SEI Managed Account Solutions offers two structures—separately managed accounts (SMAs) and unified managed accounts (UMAs). SMAs provide targeted investment strategies with personalized tax management, allowing for customized portfolios that can enhance after-tax returns. UMAs, on the other hand, integrate multiple investment strategies into a single account, streamlining portfolio oversight while maintaining a strong focus on tax efficiency. Both structures are designed to provide opportunities for improving after-tax returns with thoughtful tax analysis and the systematic integration of tax considerations into initial implementation as well as ongoing portfolio management. Direct ownership of securities and thoughtful optimization enables opportunities for: Tax overlay as an integrated after-tax advantage. Tax overlay is a process designed to integrate tax considerations into multiple layers of portfolio management. The goal is to execute portfolio transactions while managing the tax impact to an account. It's not just about growing wealth—it's about keeping more of it throughout the portfolio management lifecycle. At SEI, we believe that building efficient investment solutions requires thoughtfully integrating portfolio design, portfolio management, and trading. Tax overlay supports this by: Transitioning existing securities. Comparing risk between an existing and a recommended portfolio to help manage gains and losses during a transition, including both individual stocks and exchange-traded funds (ETFs). Harvesting tax-loss opportunities. Engaging in daily tax management and automated tax-loss harvesting. Coordinating trading and seeking to avoid wash sales. Investing cash into other securities in an effort to keep the portfolio as close to the target allocation as possible, while addressing wash sale restrictions. Analyzing opportunities to defer short-term gains. Employing logic to analyze the size and risk of a position, size of a gain, and how long until a position changes from short-term to long-term. Efficient tax transition Ongoing tax-loss harvesting at the position and tax-lot level Trading coordination The goal is to provide always-on, proactive oversight of tax implications.