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Tax-Aware Equity Manager Allocation

This article is based on the view that tax-efficiency requires a broader and different focus when compared to typical tax-oblivious practices. Starting with the premise that tax-aware equity manager allocation is the next logical step “after tax-efficient asset allocation” in the consultative process to enhance wealth, the author looks into a variety of manners in which a domestic equity market can be segmented. His first conclusion is that the traditional segmentation offering as many as nine sub-groups based on size and style is too complex and tax-inefficient. Investigating different alternatives, he concludes that an “optimal” tax-aware equity allocation model should be based on a “core/satellite” or “hub-and-spoke” approach, in order to employ managers in a manner to potentially achieve optimal or superior after-tax returns.