In their hot pursuit of the high-net-worth and separately managed account markets, investment managers have lowered investment minimums to less than $100,000 and created model investment platforms.

Such a mass-market approach would practically be treason at Fiduciary Trust, a 73-year-old international private banking and wealth management firm. While Fiduciary is willing to offer standard SMAs to millionaire offspring with less than $2 million to invest, most of its accounts are $10 million, truly individualized and separately run, says James C. Goodfellow, Fiduciary's vice chairman.

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