Along with turnkey asset management programs, which allow advisers to outsource functions such as manager research, portfolio construction and performance reporting in order to gain operational and cost efficiencies, unified managed accounts are gaining popularity.

Celent Research says UMAs are the fastest-growing segment in the managed account industry and are the future of managed accounts. Celent projects that UMA assets will reach $327 billion by 2013, representing a compound annual growth rate of 35%.

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