CHICAGO-Banks hold only a 7.8% market share of the separately managed account industry, and as they try and gain assets from the registered independent advisors and wirehouses that dominate the market, they will be faced with challenges of pricing, open architecture, sales and marketing.

"There has been little progress in growing the market share," said Jean Sullivan, a managing principal with Dover Financial Research of Westwood, Mass., speaking at Money Management Institute's Fourth Annual Separately Managed Accounts Conference here last week.

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