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And fund companies are out of the loop: the top five New York brokerages — Salomon Smith Barney, Merrill Lynch, Morgan Stanley Dean Witter, Prudential Securities, and UBS paine Webber — collect 70% of the $275 billion separate-account business. Even though fund firms manage many of the underlying portfolios, brokerages capture the lion's share of management fees. With the market forecast triple, to $730 billion, by the end of 2005, fund companies are playing catch-up with strategic acquisitions. This year, Eaton Vance acquired Fox Asset Management, while Legg Mason bought Private Capital Management in Naples, Fla., to gain a toehold in the high-net-worth market. Others are moving fast to get into hedge funds, which pulled in a record $22.3 billion in he first three quarters of 2001, vs. $8 billion last year. Immediately after his appointment in July, John V. Murphy, CEO of $115 billion OppenheimerFunds Inc., which earns 95% of revenues from mutual funds, bought Tremont Advisors Inc., manager of $8 billion in hedge-fund accounts. Two new funds, with $50 000 minimums, will be launched in January for high-net-worth investors. "We want to grow faster than what the mutual fund business is going to give us," says Murphy.

The main idea of the paragraph

With the top five New York brokerages collecting 70% of the $275 billion separate-account business, which is forecast to triple by the end of 2005, fund companies are playing catch-up with strategic acquisitions to gain a toehold in that market or are moving fast to get into hedge funds.

纽约经纪公司的前五位包揽了2750亿美元分立账户业务中的70%，基金公司正在通过战略购并来迎头赶上，以便在这个高净值的市场站住脚或迅速进入对冲基金市场；人们预期分立账户的业务到2005年底前会增加两倍，达到7300亿美元。

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