Managed account assets flows grew by 9% in 2011, according to a new report.
Cerulli Associates, Boston, published this finding in its March 2012 issue of The Cerulli Edge-U.S. Monthly Product edition. The publication is one among a suite of periodicals from the company that explore issues and trends in asset management and distribution.
Managed accounts enjoyed $242.8 billion in net flows in 2011, an increase of $20.3 billion from the 2010 total of $222.5 billion and $153 billion in 2009, the report says.
However, the report notes that separate accounts experienced the lowest asset growth among program types. Separate account assets totaled $576.8 billion at year end 2011, up 1.5% from $568.2 billion at year-end 2010.
Mutual fund advisory programs, by contrast, rose to $663.7 billion a 7% rise from the $620.6 billion recorded at year-end 2010. ETF advisory programs enjoyed the highest growth rate (42.4%), rising to $13.7 billion in assets at year-end 2011 from $9.6 billion in 2010.
The report anticipates the advisor-driven discretionary business will account for 58% of advisors’ assets by 2013, up from 48% in the second quarter of 2010. Cerulli pegs fee-based advisory discretionary assets at 50% in 2013, up from 42% in the second quarter of 2011.