The United States will receive the Republic of Korea in Honolulu, Hawaii, from October 22 to 24 for consultations on the Agreement on Special Measures (MA). The ADM, a type of effort-sharing agreement, is the mechanism by which the Republic of Korea shares the costs of U.S. forces to defend the Republic of Korea. The United States has had AGREEMENTS with the Republic of Korea since 1991 and this new agreement will replace the existing MA, which expires at the end of 2019. PPM EMS are structured as part of a managed investment system, with the platform provider having the corresponding disclosure before a PDS. All compliance and administration is done by the platform provider. Clients can determine which model is best for their investment needs in consultation with their financial advisors and can invest in an MPC-SMA with only $20,000 under the SMA Australian Equities Growth or $50,000 for the SMA Global Equities Growth. At a high level, scaling is usually important: does an RIA have enough assets to allocate to a particular AIFM that the third-party AIFM is willing to trade directly with the RIA? And would this company`s clientele meet the minimum requirements of individual accounts with any investment strategy? In the past, if the answer is yes, most advisors have chosen to access the manager through a dual-contract ADM, where the client performs an investment advisory contract with the RIA as well as with the investment manager. This allows the AIR to negotiate its own fees with the manager and have a direct relationship where it can inform the manager of the collection of tax losses and the timing of negotiation and liquidations. If the RIA can negotiate reasonable fees with the investment manager, this additional level of oversight is often preferable. An IMA can be described as “tailor-made” or “tailored to each customer”, but what exactly does that mean? How does a portfolio manager create an IMA – an individually managed account? Financial scandals and market declines in 2008 served as a catalyst for hedge fund investors to migrate to SMOs.  Therefore, SMA continues to grow to meet the expected demand of investors in such structures.