Assets held in separately managed accounts grew steadily in the third quarter, and banks continued to expand their share of the market.
Processing Content
The Money Management Institute said Wednesday that its quarterly data showed growth of 20.7%, to $645.6 billion in the third quarter, from $535 billion the year earlier.
Banks’ share of these assets grew to 7%, from 6.7% at Sept. 30 of last year, according to the report by the Washington trade association. Wire houses remain the dominant distributors of managed accounts, with more than a 78% share of assets. Banks, regional brokerages, and third-party firms combine to manage 19% of the assets in the accounts.
