The bout over performance reporting for separately managed accounts has reached a fever pitch.

A top-ranking official at the Money Management Institute, the trade association for the SMA business, fired a shot across the bow recently, arguing that the proposal put forth by the CFA Institute handcuffs investment managers and gives them little time to mobilize their resources. Wielding some rather fiery verbiage, the MMI warned the CFA Institute that it will fight tooth and nail if some concessions aren't made to ease the reporting requirements.

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