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The
Cerulli Edge™—Managed
Accounts Edition provides key industry trends and
quarterly data from the managed accounts marketplace. The
annual subscription for the quarterly publication is $6,000
per client firm, and includes a separate copy for each key
executive (up to 15 copies). |
1Q 2008
Highlights from the 1Q 2008 issue of The Cerulli Edge™—Managed
Accounts Edition:
- The story
across all channels comes down to organic versus acquired
growth. The significant acquired growth stems from the Wachovia/
Prudential and Citigroup/Legg Mason deals, along with UBS’
acquisitions of Piper Jaffray and McDonald & Company. Since
2002, these deals have attributed more than $52 billion in
managed accounts assets to the wirehouse channel, which
controlled more than $1.2 trillion as of year-end 2007.
- M&A
activity that is driven by managed accounts stems from the
requirements behind UMA platform development—such as overlay
management, reporting and billing systems, and product-agnostic
due diligence.
- The result
of the ruling that overturned the Merrill Rule is that
nonadvisory managed account programs—labeled by Cerulli as
fee-based brokerage—may no longer charge an asset-based fee in a
nonadvisory relationship. As a result, Cerulli will no longer
report assets for fee-based brokerage.
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