Mutual fund investing by retail-oriented registered investment advisors has decreased since 1995, according to a recent study.

Of the $1.1 trillion in assets governed by retail registered investment advisors, $174.8 billion were allocated to mutual fund products as of the end of the first quarter of this year, according to a report on the registered investment advisor market published last week by Cerulli Associates of Boston. That is 17.3 percent of their portfolios, down from 23.1 percent four years ago, according to the study. The $1.1 trillion in assets with registered investment advisors in turn is up from just $534 billion in 1997. Although a smaller percentage of retail registered investment advisors' assets are in mutual funds, they did account for 3.6 percent of long-term fund assets overall as of the first quarter.

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