National wirehouses are slowly moving out of cash and fixed income, which currently comprise nearly a third of their portfolios—3.9% and 25.8%, respectively—according to “Distribution Dynamics: Investment Selection,” a report from RepThinkTank, a consulting alliance for the financial services industry made up of FUSE Research Network, Momentum Partners, The Oechsli Institute and Registered Rep magazine.

Equity funds, particularly emerging markets and international, will absorb the bulk of that money, RepThinkTank found through its survey of more than 1,000 advisers. “International equity specialists that get ahead of this transition will be positioned to gain assets,” the report said.

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