Guide: BVI Approved Managers For Separately Managed Accounts (SMAs)

This guide provides a brief overview of the British Virgin Islands (the “BVI”) Approved Investment Manager regime¹ and its suitability and attractiveness for use with Separately Managed Account structures (“SMAs”).

Separately Managed Accounts (SMAs)

An SMA is an investment portfolio owned by a single investor (such as a HNW individual, family office, or institution) that is professionally managed under a bespoke investment management agreement. Unlike commingled vehicles (e.g., mutual funds or other pooled funds), the investor retains direct ownership of the underlying securities, allowing for customised mandates for investment guidelines/restrictions and risk limits (including leverage, concentration limits, ESG, cash needs, etc.), as well as tax management tailored to the investor's particular circumstances. Fees and expenses, including performance fees, are specific to the account rather than shared across investors. The investment manager implements the