A Smaller Share of SMAs for the Lions

Distribution Channels: Share of Separate Account Assets 2000 2001 2002 2003 2004(est.) Wirehouse 72.4% 70.0% 67.6% 68.3% 65.9% Regional Brokerage 9.2 10.3 11.4 9.0 8.2 Independent Broker/Dealer 8.1 8.2 8.2 8.3 9.1 Third-Party Vendors* 7.1 7.8 8.5 10.0 11.7 Discount Brokerages 2.0 2.5 3.1 2.6 2.6 Bank Brokerages 1.2 1.3 1.3 1.8 2.5 Total 100 100 100 100 100 *Third-Party Vendors refer to independent

Dec 01, 2004

Distribution Channels: Share of Separate Account Assets
	2000	2001	2002	2003	2004(est.)
Wirehouse	72.4%	70.0%	67.6%	68.3%	65.9%
Regional Brokerage	9.2	10.3	11.4	9.0	8.2
Independent Broker/Dealer	8.1	8.2	8.2	8.3	9.1
Third-Party Vendors*	7.1	7.8	8.5	10.0	11.7
Discount Brokerages	2.0	2.5	3.1	2.6	2.6
Bank Brokerages	1.2	1.3	1.3	1.8	2.5
Total	100	100	100	100	100
*Third-Party Vendors refer to independent turnkey asset-manager programs (TAMPs).
Source: SEI Investments, Cerulli Associates

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