What is the size of the U.S. retail (SA) market?

• According to the Money Management Institute, $808 billion as of the end of 2007

• 80% of the assets are held through the leading distribution firms including Smith Barney, Merrill Lynch, Morgan Stanley, UBS, Wachovia

• Fastest growing segment is distribution by banks

• 1,000 products focused on retail with account minimums <$1 mil

• Average account size: $238,220

• Top Money Managers include: BlackRock, Legg Mason, Dodge & Cox, Lord Abbett, Lazard, Rittenhouse, Wells

While  SA assets are growing quickly, the growth continues to fall short of more exuberant projections  made by the Money Management Institute in earlier years (2003).