espite being the focus of many in the fund industry, managed accounts are no longer growing. Data released by the Money Management Institute
, that markets analog to the Investment Company Institute, show that assets in managed accounts slipped 5.6 percent to $392.57 billion at the end of the third quarter, down from $415.86 billion in the second quarter.
The new numbers also peg the industry's asset base at a level lower than it started the year. Managed accounts ended 2001 with $399.71 billion, according to the MMI.
The quarterly asset figures are gathered by the MMI from a survey of its members. The bulk of the assets are reported by the big five wirehouses that dominate the industry (Merrill Lynch, Morgan Stanley, UBS PaineWebber, Prudential, and Salomon Smith Barney). Those firms control roughly 70 percent of managed account assets.
"The third quarter's extreme market volatility had its impact on our industry, though our asset base has proven relatively more stable than the markets in general throughout this turbulent period," said Christopher L. Davis
, executive director, The Money Management Institute.
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