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Separately Managed Accounts

Unmatched Insights. Tailor-made Strategies.

Goldman Sachs Asset Management Separately Managed Accounts (SMAs) offer customized investment solutions to fit your clients' unique needs.

Our SMA Strategies

Learn more about our equity and fixed income offerings.

Equities

 

We draw on insights from our global equity team to provide personalized solutions for your clients, including tax optimization.

 

Tax-Advantaged Strategies

We seek to provide your clients with benchmark-like equity returns through direct indexing and tax-loss harvesting.

 

Fixed Income

 

Our strategies seek to maximize after-tax income and can be individually designed to meet your clients' needs.

 

Dynamic Municipal Income

Fixed Income Tax Aware

Laddered Municipal Bond

Experience Matters

Your clients have unique expectations. We can help you exceed them. Goldman Sachs SMAs draw on our team’s deep insight to build portfolios tailored to each investor.

Experienced Investment Teams

Goldman Sachs SMA offerings are grounded in decades of strategic leadership and supported by our Asset Management team.

$240+B

SMA Assets Under Supervision
across all strategies as of September 2021.*

Truly Active Management

Our team continuously monitors portfolios to minimize tax drag and maximize after-tax opportunities.

Powerfully Customized Portfolios

Our SMAs can be tailored to your clients’ values and objectives, including ESG and responsible investing considerations.

Coming Soon: SMA Advisor Tools

We’re developing new ways to streamline how you work and automate your day-to-day, so you can focus on delivering a higher level of service.

20+years

SMA Experience
For decades, we've helped advisors and investors meet many of their goals through prudent investing strategy.

Start the Conversation

Contact our team to learn more about SMA solutions.

Resources & Insights

Munis in a Minute 

Got a Minute? We're Talking Munis


Sylvia Yeh

Co-Head of GSAM Municipal Fixed Income

  • 02 December 2021

    Goldman Sachs Municipal Bonds – Stay Ahead of the Curve

    Visit the GSAM Muni Center – where you can find our municipal bond funds and high caliber market insights. Read More
  • 08 October 2021

    A Tax Aware Approach That Goes Beyond Taxes

    As investors, we believe it’s not what you earn, but what you keep that matters. That’s why we’ve been focused for more than two decades on capturing the full stock market return while seeking to enhance an investor’s performance by capturing tax alpha—the added value that sound tax strategies can bring to an investment portfolio. Read More

Supplemental Information

  • PDF 31 October 2021

    Portfolio Positioning - GS Municipal Pooled Vehicle

    Download Now

*Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion. AUS figure as of September 30, 2021.

General Disclosures

Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

A separately managed account (SMA) is a private portfolio of actively managed, individual securities that may be customized to achieve an individual investor's unique objectives. 

SMA accounts typically require a minimum investment of $250k for equity and fixed income strategies, although the specific minimum account size varies by program and may be subject to change. The manager may waive these minimums based on client type, asset class, pre-existing relationship with client and other factors. For certain accounts, a negotiated minimum annual fee applies. Please consult with your financial professional for applicable minimums. 

Please check with your financial professional for specific product availability. This information may change without notice. From time to time, we may close or reopen strategies.

Risk Considerations

Investments in fixed-income securities are subject to credit and interest rate risks. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price. Credit risk is the risk that an issuer will default on payments of interest and principal. This risk is higher when investing in high yield bonds, also known as junk bonds, which have lower ratings and are subject to greater volatility. All fixed income investments may be worth less than their original cost upon redemption or maturity. Income from municipal securities is generally free from federal taxes and state taxes for residents of the issuing state. While the interest income is tax-free, capital gains, if any, will be subject to taxes. Income for some investors may be subject to the federal Alternative Minimum Tax (AMT). Alternative Minimum Tax (AMT) is a federal tax aimed at ensuring that high-income individuals, estates, trusts, and corporations pay a minimal level income tax. For individuals, the AMT is calculated by adding tax preference items to regular taxable income.

The cost basis of a tax loss harvesting portfolio is driven down due to the realization of capital losses, creating a contingent tax liability.  For investors who will eventually bequest their tax loss harvesting portfolio to charity or to their heirs upon death, taxes on the unrealized gains are generally avoided. However, if the tax loss harvesting portfolio is liquidated, the investor will pay taxes on the realized gains upon liquidation. Gross after-tax calculations include realized losses incurred by the portfolio but do not account for unrealized gains. If the portfolio is neither gifted nor bequeathed, the investor will pay taxes on the realized gains upon liquidation, which will affect after-tax returns.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates or changes.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant. This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

There is no guarantee that objectives will be met.

Environmental, Social, and Governance (“ESG”) strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments’ asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted or may develop more slowly than anticipated.

Goldman Sachs Sachs Asset Management, LP is a U.S. registered investment adviser, and is a wholly owned subsidiary of The Goldman Sachs Group, Inc.  The investment advisory services, strategies and are provided by Goldman Sachs Asset Management, LP. 

The information and services provided on this web site are intended for persons in the US only. Non-US persons are directed to our audience selection page.