Article: Money management: Assets rise 6% to hit $8.78 trillion; But growth in institutional tax-exempt arena fails to keep pace with market gains.(News)

Byline: Cecily O'Connor

Money managers' U.S. internally managed institutional tax-exempt assets swung 6% higher in 2004, to $8.78 trillion, according to Pensions & Investments' annual survey.

The appreciation, however, pales in comparison to the overall market performance. On a market-adjusted basis, the largest 500 managers' U.S. internally managed institutional tax-exempt assets lost nearly 2%.

(The Russell 3000 stock index jumped 11.95% in 2004 and the Morgan Stanley Capital International Europe Australasia Far East index rose 20.25%. Also during the year, the Citigroup Broad Investment Grade bond index rose 4.48% and the Citigroup World ...

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