Separately managed accounts (SMAs) saw assets under management rise 39.2% in the first quarter from the same period last year and 5.8% during the first three months of the year, according to a Money Management Institute report..

Assets are now at $536 billion, compared with $385 billion after the first quarter of 2003. MMI’s report, which polled 20 sponsor firms including the so-called "Big 5," was compiled and analyzed by Financial Research Corp.

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