With $67 billion of assets under management, Frank Russell Co. is the leader of the $227 billion manager-of-manager industry, according to a report from Cerulli Associates. The firm’s market share grew from 23% in 2001 to 26% last year, according to the study, "The Global Multi-Manager and Mutual Fund Subadvisory Markets 2003."

While the multi-manager and subadvisory industries lost 7.6% in assets in 2002, they fared better than the investment management industry as a whole, according to the report.

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