Separately managed account pioneer Frank Campanale doesn't see any outstanding areas where regulators might swoop in and shake up the industry's foundation like in the mutual fund arena - but thinks there is a small window that might draw scrutiny.

Speaking to brokers via a conference call conducted by On Wall Street, sister publication to Money Management Executive last Wednesday, Campanale said that the fee-based management business may draw some interest from securities regulators. One possible result, he said, is that brokers may be forced to justify the fees they charge through a simplistic standard, reporting process.

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