At that time, managed account assets totaled $292.1 billion, according to numbers released by the Money Management Institute (MMI).
The figures are based on a the results of a quarterly survey of managed account sponsor firms representing 70% of the market, namely:
- Merrill Lynch,
- Morgan Stanley,
- Prudential, and
- Salomon Smith Barney.
Analysts attribute the dip to the ongoing pressure on asset values across the markets and the slowdown in the business cycle, highlighted by the reductions in most of the major indices. Over the first quarter:
- the Wilshire 5000 Total Market Index fell 12.3%,
- the NASDAQ Composite plummeted 25.5%,
- the S&P 500 Index was down 11.9%, and
- the Dow Jones Industrial Average receded by 8.4%.