The wrap industry lost 5%, or $33 billion in total assets, in the fourth quarter, but finished 2000 up 23% overall, at $637 billion, according to quarterly data from Cerulli Associates. By contrast, the mutual fund industry had its first down year since 1990, losing 2.3%.
Rittenhouse managed the most wrap programs last quarter, based on Cerullis survey of institutional money managers, with 5.2% of the $290 billion in consultant-sold wrap programs. Brandes Investment Partners was second with 5.1% market share, followed by Regent Investor Services, 3.7%; Roxbury Capital Management, 2.5%; and Laurel Capital Advisors, 2.4%.
Cerullis study found that domestic large-cap equity portfolios were the most-used asset class offered through consultant-wrap programs, followed by domestic midcap equities and U.S. fixed income.