Driven by investors' desire for asset-based fees and advice from investment professionals, assets in mutual fund wrap programs increased 21.3 percent in 2000 over 1999, according to Cerulli Associates of Boston.

Assets held in traditional, long-term mutual funds declined 2.3 percent in the same period. In the fourth quarter of 2000, assets in all managed accounts declined less than those in traditional funds according to Cerulli, which released the data last week. Mutual fund wrap programs held a total of $126 billion in assets at the end of 2000, up from $103.9 billion at the end of 1999.

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