In this issue of "SMA Quarterly Update," we examine the growth of international strategies in the SMA marketplace. We also explore the limitations of ADRs in providing international exposure, and look at some of the alternatives that are emerging to broaden international opportunities. Additionally, we provide findings from our latest investor research, which present some of the challenges UMAs may face in achieving widespread adoption. The report also provides our review of SMA discussions in the quarterly conference calls of public asset managers and an update of changes in SMA market share by distribution
channel, investment objective, and top SMA distributors and managers.