WASHINGTON — Assets under management in separately managed accounts have grown $32 billion, or 4.1%, to reach $805.8 billion in the third quarter of 2006, the most current data as reported by the Money Management Institute.
The estimated number of industry accounts totaling 2.52 million represents a decline of 4% since the second quarter of 2006, and an increase of 18% over the 2.13 million accounts estimated in the third quarter of 2005.
Wirehouses remain the dominant distributors of separately managed accounts, controlling 78.4% of the industry's assets, however banks have built the second highest share at 8.1%, according to MMI.
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