Since 2021, Seward & Kissel has surveyed the market for separately managed accounts (SMAs) within the hedge fund industry, gauging investor appetite for SMAs and key SMA terms. Seward & Kissel released the fifth iteration of its survey, SMA Snapshot Report – Fall 2025 (Report), which covers SMA managers’ years in business; account sizes; types of SMA investors; strategy preferences; termination rights; management and incentive fees; standards of care; and most favored nations provisions. This article discusses the key findings and compares them to prior Seward & Kissel SMA studies, with commentary from Seward & Kissel partner David R. Mulle, one of the authors of the Report. See “Report Examines Appetite for Separately Managed Accounts and Key Terms” (Oct. 27, 2022).