The separately managed account business continues to grow and assets increased $37.4 billion during the second quarter of 2006. The Money Management Institute, an organization for the managed account solutions industry, announced results last week. Total assets increased 5.8% over the past three months reaching $773.8 billion, compared with a 5.1% increase during 2Q05.
"Second quarter growth of managed account solutions continues to highlight the benefits of fee-based business models that focus on the consultative process," says MMI Chairman, Len Reinhart. "The industry will continue to thrive, especially as Boomers start to realize that these customized solutions will help them reach their unique financial goals." There are now around 2.63 million industry accounts up from last quarter's 2.27 million.