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Cerulli Report: Managed Account Assets Hit $242.8 Billion in 2011

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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.

The report discloses that both mutual fund and ETF assets grew in 2012, attaining, respectively, $8.4 trillion of 2012 (up 3.3% since September) and $1.2 trillion (up 4.5%) in February of this year.

Mutual fund flows in February hit $43.1 billion, up from $5.8 billion in September, while ETF flows reached $12.7 billion, up from $4.7 billion in September.

By asset class, fixed income-based mutual funds enjoyed the highest flow, rising to $34.8 billion in February from $5.3 billion in 2010. Among equity-based mutual funds, the totals were $1.9 billion in February and a negative $3.1 billion in September.

Equity-based ETF flows fared better, rising to $5.3 billion in February from a negative $3.1 billion in September. This contrasts with fixed income ETF flows of $4.8 billion in February and $5.3 billion last September.

In February, actively managed mutual funds totaled $7.3 trillion in assets, up 13.8% from the $6.4 trillion recorded in September. Passively managed mutual funds hit $1.3 trillion in assets in February, up 19.6% from $1.1 trillion posted in September, the report reveals.


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