According to data from the Money Management Institute, the third quarter results also showed an increase of 16.2% over the third quarter of 2002, when assets totaled $392.57 billion.
SMAs are accounts managed by professional money managers who select a portfolio of stocks, bonds and other investments. This allows investors to own individual stocks instead of mutual funds, while still diversifying their investment. A minimum investment around $100,000 is generally required in such an account.