NEW YORK - With roughly $600 billion in assets under management, the separately managed account business continues to grow exponentially as members of the adviser community become more and more comfortable with how these nuanced investment vehicles work.

The Money Management Institute, the industry's largest trade association, hosted its 2004 Fall Conference here last week as representatives from money managers, sponsor firms and third-party service providers met to discuss the biggest challenges facing their industry. The conference, entitled Managed Account Solutions, provided a snapshot of the current operating environment including the obstacles firms face in carving out a piece of the SMA pie.

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