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Article: Only 2 of top 10 saw increases: Internally managed assets down 8.3% to $1.9 trillion; First dip below $2 trillion since 1999 comes after 3 years of losses.(Special Report: Defined Contribution Managers)
- Article from:
- Pensions & Investments
- Article date:
- August 4, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Fred Williams
Internally managed defined contribution assets dropped 8.3% in 2002, to $1.9 trillion as of Dec. 31, 2002. It was the first time internally managed assets have been below $2 trillion since 1999, according to Pensions & Investments' annual survey of defined contribution asset management firms.
Overall defined contribution assets dropped 8.1%, after rising a mere 1.7% in 2001.
The drop in internally managed assets came despite there being 357 managers in the 2002 survey, 10 more than the previous year. Last year was the third year in a row that assets declined, following a 1.4% drop in 2001 and a 7.7% drop in 2000.
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