When a hedge fund manager takes on a separately managed account (SMA) for a multi-manager platform, the regulatory framework that governs its business changes in ways the manager may not anticipate. For example, there is a risk that the private fund adviser exemption that a standalone fund manager might be relying on could fall away and that the state registration obligations that federal preemption had kept dormant could become active. Positions managed for the SMA may need to be aggregated with the platform’s other holdings for purposes of Sections 13(d), 13(g) and 16 of the Securities Exchange Act of 1934, Regulation SHO and Rule 105 under Regulation M. In addition, the compliance program the manager maintained for its own funds may not satisfy the investor’s expectations. Those issues, along with the practical mechanics of constructing information barriers, negotiating allocation agreements and managing trading surveillance, were the subject of a May 6, 2026, webinar hosted by Akin and Optima Partners. The panel, which was moderated by Akin partner Max Karpel, featured Jonathan Saxton, founder and CEO of Optima Partners; Adam Reback, partner at Optima Partners; and Jason Daniel, partner at Akin. This article summarizes the key takeaways. See “The Evolving Use of Managed Account Platforms and Platform Providers” (Nov. 11, 2021); and “Multi-Manager Hedge Funds: Structuring, Fees, Manager Compensation, Marketing, Risk Management and Performance Measurement” (May 2, 2014).