Redemptions for a Separately Managed Account (SMA)

You can find SMA redemption times using the SMA codes available on your client's portfolio valuation in Adviser Online, or from the SMA Product Disclosure Statement (PDS).

To find a client's portfolio valuation in Adviser Online:

1. Log in to Adviser Online
2. Search for your client's account number or name via the global search bar
3. Select the Portfolio Valuation tab.

Once you have the SMA code, you can find redemption times for the SMA on Adviser Online.

1. Log in to Adviser Online
2. Select Go to Wrap Online from the top right-hand corner of the page
3. Select the drop-down bar under Quick links
4. Select Wholesale fund information. Once on this page, search the SMA code in the APIR Code selection.

The redemption time of the SMA is based on the underlying assets within the SMA. The redemption timeframe quoted is based on the asset within the SMA which takes the longest time to settle.

• For any SMA redemption orders, required trades will be placed based on target SMA weights and are typically executed the next business day. Additional redemptions are subject to a minimum of $1,000 per order.
• Equity orders are typically settled two days after execution, while the timing of managed fund redemptions will depend on redemption timeframes for the particular fund.

Non-daily priced funds may take longer to price and settle. Please check the respective Non-Daily Priced Fund schedule for redemption timeframes:

• Voyage: Non-Daily Priced Fund schedule
• Grow Wrap: Non-Daily Priced Fund schedule

Please note, one business day must be added to stated Wrap timeframes and cut-offs when estimating managed fund timeframes and cut-offs for SMAs.

If a client’s SMA has sufficient cash to complete a redemption request, the funds will be paid to the client’s Wrap account on the business day following the request. 

If there's insufficient cash to complete a requested redemption amount, we'll pay all available cash to the client's Wrap account daily, commencing two business days after the redemption request is received. These daily payments will continue until the full requested amount has been paid.

When moving to a new adviser, your client’s SMA could be affected. Certain SMAs are only available to specific dealer groups and advisers. 

• If your client’s new adviser has access to your selected SMA, there will be no changes and they’ll be able to transact as usual. 
• If your client’s new adviser doesn’t have access to your selected SMA, the client won’t be able to make any further contributions to the SMA. However, the adviser will be able to redeem the SMA on the client’s behalf.

If the client is removing their adviser completely, see What happens to an SMA if a client becomes unadvised?