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Article: Some SMA money managers 'saying goodbye' to the biz; New business model, fee compression said to be causing exodus.(News)
- Article from:
- Investment News
- Article date:
- March 12, 2007
CopyrightCOPYRIGHT 2007 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: Jeff Benjamin
DETROIT - The latest evolution of the $800 billion separately managed accounts industry is expected to force more money managers to rethink their commitment to the business, sending ripple effects all the way to the financial adviser and individual-investor levels.
"There is already a squeeze on money managers, and that will only get worse,'' said Frank Campanale, head of Campanale Consulting Group LLC in Birmingham, Mich.
Mr. Campanale, who said that some of the industry's roughly 200 money managers already are "saying goodbye,'' pegged the changing attitude to a new business model in the works at Merrill Lynch & Co. Inc. ...