It may be getting awfully crowded on the separately managed account playing field. But if a firm has truly talented managers that offer great performance, and management is willing to focus the firm's efforts and resources on distributing to a few select sponsors, it can carve out a successful path.

That's the belief of John H. Streur, Jr., president and CEO of Portfolio Services Group (PSG) of Chicago, the not-quite one-year-old service firm created by asset management firm Affiliated Managers Group. AMG created PSG late last year to offer centralized SMA sales and administrative servicing to any of its affiliated investment firms interested in offering SMAs.

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