Separately managed account assets jumped significantly in the second quarter, rising 15% and charging ahead towards the industrys prediction of $1 trillion in assets by 2006.
Industry-wide assets totaled $442.86 billion, up from the $384.86 billion at the end of the first quarter, according to the Money Management Institute, the SMA industry trade group.
"While rising asset values clearly played a role in the increase in industry assets under management during the second quarter, the industry also has been distinguished by a relatively stable asset base during even the most volatile market periods of the last two years," said Scott Sipple, senior vice president and managing director for Alliance Capital. Sipple is a member of MMIs board of governors.
The assets under management figure is derived from program totals reported by Merrill Lynch, Morgan Stanley, UBS Prudential and Smith Barney, which collectively hold about 70% of the market. Also included are totals reported by some smaller firms that represent a proxy for the remainder of the industry.