The National Association of Securities Dealers (NASD) was a self-regulatory organization of the securities industry responsible for the regulation and oversight of broker-dealers in the United States.
A Separately Managed Account (SMA) is a professionally managed portfolio of securities that uses pooled money to buy investments owned directly by the account holder. SMAs, also known as separate accounts, individually managed accounts, or managed accounts, are usually marketed by broker-dealers who select money managers, or subadvisors, for clients from a curated list.
