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A Smaller Share of SMAs for the LionsA 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
December 1, 2004
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| 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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