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The mutual-fund giants had better learn fast if they're to tap the fastest-growing, most lucrative slices of the U.S. population: people with $5 million or more to invest. Already, there are 400 000 of these affluent households, and Goldman, Sachs & Co. figures that number will grow 18% a year through 2004. Financial Research adds that over the next three to five years, as much as 50% of the $1 trillion in mutual- fund assets owned by the affluent will switch to so-called separate accounts. These custom-made products invest in individual stocks and some pure-play sector funds and charge a fee based on the assets. They offer what mutual funds do not: more transparency and tax-efficiency.

The main idea of the paragraph

With the number of the affluent households growing 18% annually through 2004 and with their money being transferred from the mutual funds to more transparent and tax-efficient separate accounts, the mutual-fund giants had better learn fast things like management of individual retirement accounts if they are to tap the fastest-growing, most lucrative slices of the U.S. population, the affluent households.

随着富裕家庭的数目在2004年底前将以每年18%的速度增长，以及随着他们把资金从共同基金抽出来投到更透明、享受税收优惠的分立账户，那些大牌共同基金公司如果想要利用美国人口中增长最快、最有利可图的群体—富裕家庭—获利，他们最好快点认识诸如管理个人退休金账户等的这类事情。

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