NU Online News Service, Feb. 11, 2004, 5:07 p.m. EST – Separately managed account holdings grew 29% between Sept. 30, 2002, and Sept. 30, 2003.[@@]

The accounts held $506.6 billion in assets at the end of the third quarter of 2003, up from $391.9 billion a year earlier, according to The Money Management Institute, Washington.

The average account size increased to $238,220, up 13% from the total at the end of the comparable quarter in 2002.

A separately managed account resembles a personal mutual fund. A professional money manager usually manages the account in exchange for an asset-based fee.