Private Money Management Separately managed accounts and unified managed accounts

Separately managed accounts (SMAs) offer increased specialization to help meet your unique needs. Raymond James provides access to select money managers not widely available throughout the financial services industry. With approximately $1.18 trillion in client assets` under management, Asset Management Services (AMS) of Raymond James is influential enough to maintain exclusive relationships with high-profile managers, yet nimble enough to discover boutique managers with distinct investment strategies.

AMS selects managers based on the excess risk-adjusted return ("alpha") generated by the manager and the level of additional risk ("active risk") taken on in pursuit of that alpha. This approach allows us to evaluate the level of active risk, as well as the portfolio's incremental performance and its source (either the manager or the market). We believe skilled managers should be able to generate alpha in any market environment. A high-alpha portfolio reflects incremental returns when the market was rising and, more important, reduction of the downside in falling markets.

Risk budgeting is the process by which the risk in a portfolio is broken into its components in an attempt to manage total risk more effectively. AMS manages market risk through the asset allocation process and manager risk by examining alpha and market risk separately. This is the core of the Raymond James difference and the process by which AMS seeks to ensure that investors are compensated for the risk they take.