Despite month after month of declines in the equity markets, investors continued to open a substantial number of new separately managed accounts, according to a study released today by Financial Research Corp.
Investors opened 330,000 new managed accounts during the first nine months of this year, the study said. By year-end, that number is projected to total more than two million.
Although the number of new accounts is on the rise, assets invested in the products have slipped by 1.8% between Jan. 1 and Sept. 30 of this year. Poorly performing markets contributed to the declines, observers said. But observers said those losses were nominal compared to overall declines among equities, such as the S&P 500s 28.2% drop for the period.