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in today’s highly correlated and volatile markets. A favorite:macro hedge funds, whose managers can benefit from direc-tional and global bets across economies, markets and cur-rencies. “They’re best positioned to maneuver in a nimblefashion through volatile markets,” says JPMorgan’s Basu.Lastly, managers are maintaining cash at more than

twice their usual levels. Morgan Stanley is possibly themost bearish of wealth managers, preparing for markets tocome in at negative single digits in the U.S. this year, whichis why the bank is holding the most greenbacks. “We have14% in cash and cash-like investments,” Darst says.But most of the others claim their large cash hoard isn’t

because they are bearish, but because they want to be ableto pounce on deals as they arise in this year’s expected mar-ket turbulence. As Fifth Third Bank’s regional portfolio di-rector told us, “If we’ve learned nothing else lately, it’s thatthings can change very quickly.”Say Amen, somebody.

HOW THEY’RE CALLING IT In our annual survey of the nation’s top 40 wealth management firms, we asked private banks, brokerage firms and family offices to specify what assets they are recommending to theirwealthiest customers. While there might be a consensus on stuffing portfolios with income-producing investments, the calls thereafter quickly head in different directions. The Developed column, under Stocks, refers to mature economiesoutside of the U.S.. The High-Grade/High-Yield column refers to U.S.-only fixed income instruments. Where a firm has not specified an allocation we have inserted dashes; we entered zero where they specifically answered zero.

STOCKS FIXED-INCOME HIGH-YIELD ALTERNATIVE INVESTMENTS CASHTotal U.S. Developed Emerging Total U.S. Hgh-Grade/HY Developed Emerging Total Real Estate Comod Hedge Prvt-Equity Other

Alliance Bernstein 55.0% 29.0% 21.0% 5.0% 39.0% 39.0% (39/0) 0.0% 0.0% 6.0% 6.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Atlantic Trust 37.0 30.0 0.0 7.0 34.0 31.0 (26/5) 0.0 3.0 27.0 2.0 4.0 19.0 2.0 0.0 2.0

BofA/Merrill Lynch 60.0 51.0 6.0 3.0 35.0 33.0 (28/1) 1.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0 5.0

BNY Mellon 44.1 27.1 7.0 10.0 31.8 29.3 (27.3/2) 0.0 2.5 24.1 2.0 1.2 10.4 7.5 3.0 0.0

Barclays 49.0 22.0 17.0 10.0 24.0 19.0 (12/7) 0.0 5.0 23.0 4.0 5.0 14.0 0.0 0.0 4.0

Bessemer 26.0 13.5 9.4 3.1 34.0 26.5 (19.4/7.1) 5.1 2.4 34.3 5.1 7.1 11.9 10.2 0.0 6.0

Brown Advisory 43.0 32.0 5.0 6.0 33.0 27.0 (27/0) 0.0 6.0 19.0 5.0 4.0 5.0 5.0 0.0 5.0

Brown Brothers Harriman 53.0 43.0 5.0 5.0 21.0 21.0 (17/4) 0.0 0.0 23.0 5.0 0.0 12.0 6.0 0.0 3.0

Citi Private Bank 38.0 18.0 17.0 3.0 42.0 26.5 (23.5/3) 12.5 3.0 20.0 0.0 3.0 17.0 0.0 0.0 0.0

City National Bank 50.0 37.0 5.0 8.0 43.0 37.0 (20/17) 3.0 3.0 7.0 3.5 3.5 0.0 0.0 0.0 0.0

Constellation Wealth 35.0 25.0 0.0 10.0 25.0 22.5 (22.5/0) 0.0 2.5 30.0 5.0 0.0 25.0 0.0 0.0 10.0

Credit Suisse 43.0 22.5 11.0 9.5 29.0 28.0 (27.5/0.5) 0.0 1.0 26.0 5.0 6.0 10.0 5.0 0.0 2.0

Deutsche Bank 46.0 26.0 13.0 7.0 33.0 29.0 (25.5/3.5) 0.0 4.0 15.0 2.0 2.0 11.0 0.0 0.0 6.0

Fidelity Investments 56.0 39.0 13.0 4.0 39.0 37.0 - 2.0* 0.0 5.0 0.0 - - - - 0.0

Fiduciary Trust 57.5 37.5 10.0 10.0 31.0 31.0 (27.5/3.5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.5

Fifth Third Bank 44.0 31.0 6.0 7.0 30.0 27.0 (18/9) 1.0 2.0 23.0 8.0 3.0 12.0 0.0 0.0 3.0

GenSpring 18.0 10.0 6.0 2.0 42.0 28.0 (16/12) 7.0 7.0 35.0 0.0 5.0 25.0 5.0 0.0 5.0

Glenmede 45.0 31.0 9.0 5.0 31.0 26.0 (21/5) 2.0 3.0 21.0 3.0 2.0 10.0 6.0 0.0 3.0

Goldman Sachs 44.0 25.5 12.5 6.0 41.5 37.5 (32/5.5) 0.0 4.0 14.5 4.5 0.0 10.0 0.0 0.0 0.0

Harris Private Bank 42.0 32.0 5.0 5.0 47.0 47.0 (40/7) 0.0 0.0 7.0 3.0 4.0 0.0 0.0 0.0 4.0

Highmount Capital 42.0 28.0 4.0 10.0 38.0 36.0 (30/6) 0.0 2.0 12.0 2.0 2.0 8.0 0.0 0.0 8.0

HSBC 40.0 25.0 11.0 4.0 32.0 32.0 (31/1) 0.0 0.0 22.0 5.0 2.0 10.0 5.0 0.0 6.0

Janney Montgomery 54.0 42.0 4.0 8.0 32.0 29.0 (20/9) 0.0 3.0 9.0 1.0 2.0 6.0 0.0 0.0 5.0

JPMorgan 31.0 20.0 7.0 4.0 27.0 22.0 (10/12) 2.0 3.0 34.0 3.0 4.0 22.0 5.0 0.0 8.0

Key Bank 46.3 39.4 4.6 2.3 35.7 34.3 (31.2/0) 0.7 0.7 10.0 0.0 0.0 10.0 0.0 0.0 8.0

Legg Mason 50.0 41.0 5.0 4.0 35.0 35.0 (30/5) 0.0 0.0 10.0 3.3 3.3 3.3 0.0 0.0 5.0

LPL Financial 41.0 31.0 0.0 10.0 27.0 23.0 (11/12) 2.0 2.0 12.0 0.0 12.0 0.0 0.0 0.0 20.0

M. Stanley/Smith Barney 33.0 19.0 5.0 9.0 37.0 34.0 (31/3) 0.0 3.0 23.0 2.0 1.0 11.0 0.0 9.0 7.0

Neuberger Berman 35.0 23.0 7.0 5.0 39.0 34.0 (27/7) 2.0 3.0 23.0 4.0 2.0 12.0 5.0 0.0 3.0

Northern Trust 34.0 24.0 4.0 6.0 34.0 34.0 (23/11) 0.0 0.0 32.0 3.0 8.0 17.0 4.0 0.0 0.0

PNC Asset Mgmt 50.0 40.0 8.0 2.0 30.0 27.0 (24/3) 3.0* 0.0 20.0 2.0 8.0 8.0 2.0 0.0 0.0

Robert W. Baird 54.0 38.0 14.0 2.0 38.0 38.0 (36/2) 0.0 0.0 4.0 2.0 2.0 0.0 0.0 0.0 4.0

Charles Schwab 60.0 45.0 12.0 3.0 30.0 30.0 (30/0) 0.0 0.0 5.0 0.0 5.0 0.0 0.0 0.0 5.0

SunTrust 37.0 27.0 7.0 3.0 31.0 24.0 (18/6) 7.0* 0.0 32.0 0.0 2.0 30.0 0.0 0.0 0.0

T. Rowe Price 64.4 47.8 12.9 3.7 31.5 24.1 (19.3/4.8) 3.3 4.1 1.1 1.1 0.0 0.0 0.0 0.0 3.0

UBS 40.0 30.5 6.0 3.5 41.0 33.0 (25/8) 8.0* 0.0 15.0 0.0 3.0 6.0 6.0 0.0 4.0

U.S. Bank Wealth Mgmt 53.0 32.0 14.0 7.0 17.0 14.0 (14/0) 3.0 0.0 30.0 6.0 4.0 14.0 6.0 0.0 0.0

William Blair 50.0 36.0 11.0 3.0 30.0 25.0 - 1.0 4.0 20.0 5.0 0.0 5.0 0.0 10.0 0.0

Wells Fargo 45.0 26.0 12.0 7.0 24.0 16.0 (12/4) 4.0 4.0 28.0 8.0 5.0 11.0 4.0 0.0 3.0

Wilmington Trust 44.1 31.8 9.0 3.3 35.3 29.3 (21.8/7.5) 3.5 2.5 17.6 1.8 0.8 15.0 0.0 0.0 3.0

* Includes developed and emerging markets Note: Figures may not equal 100% due to rounding

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