The separately managed account industry is just reaching the tip of the iceberg.

That is the battle cry heard from Len Reinhart, president of The Bank of New York's separate account services unit and a founding father of the wrap fee industry. He believes that the SMA business is where the mutual fund industry was in the mid-1980's and that with the help of technology and advertising dollars, the product will achieve extraordinary growth and become an increasingly popular investment vehicle for investors looking for customization and tax benefits in their portfolio.

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