Nobody likes paying taxes, but these accounts could be the ibuprofen to that headache.

Long-short strategies have been a staple of hedge funds serving institutional and ultra-high-net-worth investors for decades, but they’ve recently migrated into separately managed accounts. That has opened up the strategy to wealth management clients. It’s still early innings, but tax-managed long-short SMAs are quickly gaining popularity. Last year, 33% of advisors identified tax-managed, long-short SMAs as the products they were most interested in adding to their portfolios, according to a Cerulli survey. This year, that figure has climbed to nearly 60%. Improving tax capabilities has also been a top concern for advisers this year.