Mutual fund companies are increasingly turning to subadvisers to manage some of their portfolios, according to a study done last year but not yet published by Financial Research Corp.

The study, to be released May 26, found that nearly one in nine funds is managed by a subadviser. These funds hold 9.1% of the assets under management in long-term mutual funds and get 20.3% of net new asset flow - or sales less redemptions and exchanges. That is up from 6.2% of assets under management and 7.5% of net asset flow in 1991.

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