Do It Your WayTailor your portfolio with separately managed accounts.

Mutual funds continue to struggle with image problems in the wake of a bear market and subsequent trading scandals. In the meantime, one investment alternative in particular has been coming on strong: separately managed accounts, or SMAs.

Catering to people with at least six-, but more likely seven-figure amounts to invest, assets in SMAs have bucked the bearish environment to grow at a 7 percent annual clip since 1999. Fund assets have slipped 3 percent per year over that time.