Custodian
Fidelity (RIA custody)
Fidelity custodied third-party long/short SMAs from 2021 but paused new accounts and new funding in December 2025.
- Their fee
- Charged by your advisor
- Minimum
- Not disclosed
- Onboarding
- Not disclosed
- Status
- Paused
No advisory fee. From 2026-05-01 Fidelity raised financing for some existing long/short clients. One RIA reports 0.60% to 1.52%.
Fidelity now requires $100M of RIA assets for custody. Smaller RIAs must meet it or leave by 2027-06-30.
No reopening date. Fidelity says it will support transfers to other providers.
No new long/short SMA accounts or new funding since December 2025.
Advisor-held accounts only.
Products they offer
Tax-aware long/short
| Product | Product fee | All-in fee |
|---|---|---|
| Quantinno: DEALS (Core / Exchange / Overlay)Quantinno brought the first retail-scale tax-aware long/short SMA to Fidelity in October 2021. Existing accounts only. | 0.45% | Not disclosed |
| Aperio (BlackRock): Long/Short SMAs (130/30 Quality Value, Tax-Managed Dynamic Factor)Existing accounts only. | 0.55% | Not disclosed |
| AQR: Tax-aware long/short (Flex SMAs and TA private funds)Existing accounts only. Press reports do not list each manager by custodian. | Not disclosed | Not disclosed |
Sources
Checked 2026-10. Confidence: high.