In comparison, mutual fund assets grew by only 9.8% over the quarter, and declined by 8.1% over the year, according to the Financial Research Corp.
Assets in these managed accounts now total $415.5 billion, compared to their $368.3 level at the end of the previous quarter, and the $417.3 billion recorded at the close of 2000, according to figures from the MMI. The MMI figures comprise totals from:
- Merrill Lynch
- Morgan Stanley Dean Witter
- UBS PaineWebber
- Salomon Smith Barney.
These firms collectively hold about 70% of the managed account market. The figure also includes totals from a selection of smaller firms that represent a proxy for the remainder of the managed account industry, according to the MMI.
Over the longer term, assets in managed accounts show an upward trend. They:
- totaled $161 billion at the close of 1996
- grew by 80% to $289.9 billion by December 1998
- grew by a further 44% to $417.3 billion in 2000.