A new report by research shop Cerulli Associates is sure to make a few subadvisors smile.

Total subadvisory assets will reach $3.3 trillion by year-end 2014, up from $2.8 trillion in 2011, Cerulli estimates. This represents 5.9% annual growth. The report also reveals that two-thirds of fund firms expect to increase their use of unaffiliated subadvisors.

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