Separately managed accounts have enjoyed tremendous growth in recent years as high-net-worth individuals have been lured by their direct ownership and tax management features. Nowhere in the asset management industry has that growth been more evident than at Jersey City, N.J.-headquartered Lord Abbett, a well-established partnership with $49 billion in assets.

Under the leadership of Mark Pennington, partner and director of advisory services, the firm has taken the managed account world by storm. Armed with a unique strategy of combining a small number of sponsor relationships with a seasoned sales force, Lord Abbett has risen from $3.6 billion in separate account assets at the end of 1999 to more than $14 billion at the end of 2003.

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