Market Volatility Continues
In the 3Q 2011 advisory solutions assets contracted by $177b. Assets in advisory solutions declined from $2.3 trillion to $2.1 trillion. The reduction was largely driven by poor equity market performance. The S&P 500 and the Russell 3000 posted negative numbers for the quarter returning –13.9% and –15.3%. For the S&P 500, it was the worst quarter since 2008. Advisory Solutions were slightly more resilient declining only 7.5% as compared to broader indices.