Trading SMAs with two separate custodians

How do investment managers, managing separately managed accounts with multiple custodians handle block trading? If they were to sell a position from all accounts, do they have to block the trades separately by the custodian and potentially have different average prices for each custodian or can they average the entire block together to give all clients the same price?

That is the ops job. They do their magic to calculate all kinds of stuff from the above calculations you mentioned to performance analytics to custom benchmarks to performance reports for investors and prospective investors to NAV calculations for all investors…etc.

Similar to how ops folks may not be able to follow my research spreadsheets, I cannot follow their NAV and reconciliation spreadsheets.