Clients establish an SMA account by lodging cash or existing shares. Investments are not pooled, the client retains beneficial ownership of all shares. Blackrock Investment Managers are the responsible entity with custodial and administrative responsibility.

NAM is responsible for the portfolio management and process the market transactions through Blackrock . Blackrock handle all of the administration relating to the investments including trade settlement, receipt of dividends and payment of management fees through the linked cash account.