Investment Advisor and its awards partners, Standard & Poor’s and Prima Capital, announced today the winners of the second annual Separately Managed Accounts Awards. The 2006 SMA awards are given this year to seven management teams, acknowledging their excellence in providing consistently strong performance, along with customization and tax efficiency, in separate accounts.

Using the comprehensive database and analytical rigor provided by the Standard & Poor’s SMA Evaluator, a short list of nominees was fielded from the more than 800 retail separate account products in the Prima Capital database. From the list of nominees, the SMA Awards committee that includes Philip Edwards, managing director of Standard & Poor’s, Prima Capital President J. Gibson Watson III, Investment Advisor Editor-in-Chief James J. Green, and Investment Advisor Staff Editor Kathleen McBride selected this year’s award recipients.

To be considered for an award, each SMA portfolio had to:

oBe offered through a broad range of retail programs

oHave assets of at least $200 million under management

oRank average or above average in four out of five categories within the S&P SMA Evaluator

oHave a lead manager in place for a minimum of three years

The seven SMA Awards winners, in five categories, will be profiled in the April 2006 Investment Advisor magazine, as well as online beginning March 31, 2006, at www.investmentadvisor.com. The complete list of award winners, methodology and other awards information can also be found by accessing www.sma-awards.standardandpoors.com.

The winners of the 2006 Separately Managed Accounts Awards are:

Category

Manager Name

Firm

Large-Cap Equity – Value William Fries Thornburg Investment Management Value Equity
Large-Cap Equity – Growth Team Managed Oak Ridge Investments Large-Cap Growth
Small-Mid Cap Equity – Value Team Managed Anchor Capital Mid-Cap Value Equity
Small-Mid Cap Equity – Growth Team Managed Riverbridge Partners Small Cap Growth
International Equity Team Managed Philadelphia International Equity ADR
Fixed Income Team Managed Appleton Partners Tax-Exempt Municipal
Tax Efficiency Team Managed KCM Investment Advisors Large-Cap GARP Equity