Individual investors are warming up to a breed of investment vehicle long favored by institutions and the ultra-rich.

In 2004, so-called "manager of managers" funds took in a record $50 billion, more than doubling the inflows recorded in 2003 and up from a mere $8.5 billion in 2002, according to a recently released report from research and consulting firm Cerulli Associates, The Wall Street Journal reports.

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