Unified managed accounts may be poised to win out over the most traditional form of separately managed account, according to Ian Salisbury in the Wall Street Journal. While UMA's rolled out during the 2000-01 bear market, they still earn the title "new" in the article, which points out that UMAs can "accommodate mutual funds, ETFs and a modified version of the traditional SMA that doesn't require outside money managers to trade for individual investor accounts."

Meanwhile, numbers from Cerulli Associates show that SMA assets have shrink to roughly $460 billion from more than $750 billion in 2007. 

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