Separately managed accounts were the hardest hit of all types of brokerage accounts, The Wall Street Journal reports. Assets fell 39%, from $750 billion at the end of 2007 to $460 billion at the end of last year, according to Cerulli Associates.

Possibly one of the reasons investors pulled out of SMA accounts is that it is difficult to change asset allocations in such instruments, and many investors moved to cash following steep market declines last year. “It’s not easy to change course,” explained Cerulli Analyst Emily Tillman.

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