The quarter-end total was up slightly from the $413.2 billion at the close of 2002’s first quarter. At year-end 2001, the asset total was $399.7 billion.
The figures are based on a survey of managed account sponsor firms conducted by the MMI, which is made up of program sponsors and their portfolio managers.
The MMI’s quarterly assets under management (AUM) figure is based on program totals reported by Merrill Lynch, Morgan Stanley, UBS PaineWebber, Prudential, and Salomon Smith Barney – the industry’s five market leading firms. Collectively the five hold approximately 70% of the overall market.
The figure also include totals reported to the MMI by a selection of smaller firms that represent a proxy for the remainder of the managed account industry, MMI said.
MMI’s quarterly survey of industry AUM tracks growth in assets specifically in managed account programs under the direction of financial advisors associated with the program sponsors as well as those with other firms industry wide.
Managed accounts are individual accounts offered by financial consultants utilizing a broad range of advisory services and are usually managed by professional, independent money managers using an asset-based fee structure.