As assets in separately managed accounts have increased – 36% in the past year – firms are targeting an audience with lighter pockets: non-profit organizations. Money Management Executive reports that institutions such as schools and churches have become more sophisticated investors, and as minimum investments for SMA have fallen to as low as $100,000, the convergence has made the accounts more attractive. “For a couple of million,” Norm Nabham of SmithBarney told MME, you can bring the cost structure down below what it would be for a mutual fund. What’s more, SMA’s have an attraction that mutual funds don’t: flexible fees.