U.S. multi-manager assets fell by 24.2% to $403.5 billion last year, according to a report on global multi-manager products released by Cerulli Associates.

The results showed a reversal of five years of growth. The multi-manager segment, in which assets are placed primarily in long-only traditional investments, and held in funds of funds, is struggling because of a combination of factors, said Ben Poor, director of institutional asset management for Boston-based Cerulli.

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