In this issue of "Sub-Advisory Quarterly Update," we delve into two topics raised by panelists at FRCs annual MarkeTrends conference held November 28 and 29, 2007. During a session focused on the sub-advisory market, panelists, Peter Moran, Managing Partner of BHR Fund Advisors, and George Riedel, Director Diversified Intermediary Services at T. Rowe Price, discussed how the use of multiple managers on sub-advised portfolios has grown and the differences in the business models of firms adopting the multi-manager structure. The panel also discussed the future of VITs and the role they are likely to play in bringing new investment strategies to the VA market. Additionally, FRC provides quarterly updates of new sub-advised funds, sub-advisor changes and top-mandate gatherers, as well as the largest sub-advisors and manufacturers of sub-advised products.