U.S. Managed Accounts 2019: The Challenge of New Platforms

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In our 26th annual survey of the managed accounts industry, Cerulli examines the state of managed accounts—size of the market, growth potential for the next three years, relative marketshare of the top distributors and asset managers, the breakdown of the market by program type (unified managed accounts, mutual fund advisory/exchange-traded fund advisory accounts), trends in fees, and patterns of advisor use of managed accounts. We also explore the growth of asset allocation models and the rise of consolidated platforms, as well as the top priorities for asset managers and sponsors. The report elucidates the evolving types of discretion, and it delves into the ways in which managed account sponsors qualify advisors to assume discretion and how firms monitor the performance of advisors exercising discretion.

The data for this report comes from our proprietary database, with most data points updated with 4Q 2018 survey findings. The managed account survey effort tracks data from the early 1990s to present. The data analysis is augmented with in-depth, one-on-one interviews with key executives at managed account sponsor firms, asset managers, turnkey asset manager platforms (TAMPs), and technology providers to the managed accounts industry.

Reasons To Purchase:
  • Review the detailed sizing and growth rates for the managed accounts space over the past decade
  • Gain a full understanding of the major key trends in managed accounts, including where the industry stands in terms of platform consolidation
  • Analyze the qualifications that advisors must obtain to exercise discretion, how sponsors measure advisor performance, and sponsors’ approaches to underperforming advisors
  • Explore the multi-faceted battle for discretion as home offices seek to limit it, and advisors seek to retain it
  • Learn how asset managers are responding to sponsor demand for environmental, social, and governance (ESG) products, fixed income, model-delivered separate accounts, and asset allocation models
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