The standoff between SMAs and AIMR is sort of like Groucho Marx' famous quote that if it was a club that would let him in, he wouldn't want to join it.

AllianceBernstein, Lord, Abbett, Prudential Investments and a number of other large separately managed account (SMA) investment firms represented by the Money Management Institute have asked the Association for Investment Management and Research (AIMR) to relax some of its institutional performance guidelines for the separately managed account industry. AIMR is reluctant to ease its SMA guidelines, and a growing number of people in the industry think that should it do so, it would ultimately do it no good.

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