What was lost, the machine that recovers it, the way across, and the size of the prize — in two and a half minutes. The four chapters below carry the detail.

How managed accounts began as direct ownership, pivoted after FOFA into an efficiency engine, and lost the tax efficiency that made them good — and the real, addressable opportunity in recovering it.

Life in 1's investment engine: a non-unitised scheme where investors own securities directly, six risk-profiled models built from manager mandates, an independent Responsible Entity, a global research partner, institutional execution, and access through every structure.

How an existing portfolio moves onto the model as a tax-aware glide path — review, deep analysis, the substitution discipline, and a multi-year plan that minimises sell-downs and optimises CGT: an IMA until it becomes your SMA.

The market the machine was built for — an almost $300 billion managed-account segment compounding fast, the five layers in today's fee stack and the case for collapsing them, the money that hasn't moved for want of a clear pathway, and the trillion-dollar platform prize behind it all.