Operations
Inception Date
The date on which the separate account began its operations. The inception year is followed by the month. A separate account with an inception date of February 1986, for example, would be listed as 1986-02. Separate accounts with long track records offer more history by which investors can assess overall separate account performance. However, another important factor to consider is the separate account manager and his or her tenure with the separate account. Often times a change in separate account performance can indicate a change in management. (Note: Even if a separate account's inception date is earlier, Workstation data only go back as far as 1976).
The commencement date indicates when a separate account began investing in the market. Many investors prefer separate accounts with longer operating histories. Separate accounts with longer histories have longer track records and can thereby provide investors with a more long-standing picture of their performance. Because of the explosion in the separate account industry over the past decade, the separate account universe now consists of thousands of investment offerings. Many of these new contenders have very little history by which an investor can hope to gauge their possible performance in various market climates.
This information is taken directly from the separate account’s annual report.
Separate accounts with long track records offer more history by which investors can assess overall separate account performance. However, another important factor to consider is the separate account manager and his or her tenure with the separate account. Often times a change in separate account performance can indicate a change in management.
Product Type
The product type explains the structure of the investment vehicle. The separate accounts database provides a choice of either a separate account composite (CP) or a comingled pool (PD).
Product Focus
The asset management firm managing the separate account product determines the separate account’s market focus—Retail (R)or Institutional (I).
Retail Minimum
The minimum amount of assets needed to invest in a retail separate account in this product, as provided to Morningstar by the asset management firm running the separate account.
Institutional Minimum
The minimum amount of assets needed to invest in an institutional separate account in this product, as provided to Morningstar by the asset management firm running the separate account.
Customization Minimum
The minimum amount of assets needed to customize the underlying holdings in a separate account in this product, as provided to Morningstar by the asset management firm running the separate account.
% Port Customized
The percent of accounts within a product where some degree of customization has occurred. A high number should not necessarily be interpreted such that the money manager is providing a relatively higher amount of customized services; in fact, many account holders may have chosen to not have any particular customization added on to their own account.
% Port Tax-Managed
The percent of accounts within a product where some degree of tax-management has occurred. A high number should not necessarily be interpreted such that the money manager is providing a relatively higher amount of tax-management services; in fact, many account holders may have chosen to not have any particular tax treatment for their own account.
Customization Features
This list outlines the available customizations and tax strategies available in a given separate account. The abbreviations listed beside each option include R- by Request, P- Proactive and N- No.
Wrap Program Information
Account Size Breakdown
Number of total accounts run by the asset manager in this product, broken down by account size. This information is provided to Morningstar by the asset management firm running the separate account.
Levels:
Less than $250,000
$250,000 - $1 million
$1 million - $10 million
More than $10 million
Platform Availability
This shows availability of a separate account product through third-party distribution platforms. This information is provided to Morningstar by the asset management firm running a separate account.
Portfolio Managers
This section displays the name of the individual or individuals who are employed by the advisor or subadvisor who are directly responsible for managing the fund’s portfolio, as taken directly from the managing firm.