Seeing a mixed performance year come on the heels of another difficult year in 2004, a record number of funds felt the pressure or succumbed to the fate of poor performance.

With very strong overall performance early in the quarter, we are seeing flows into the industry pick up once again, in contrast to the recent trend of assets remaining on the sidelines.

Performance had been mixed early in the year, but they finished on par with last year after a strong second half.

She was a very devout teacher. There was a fanaticism about her in terms of the quality of a performance she sought from her students, and about how they thought about the music they played.

The data show that this remains an enormously active marketplace, with new funds entering and exiting at a higher rate than ever before. But it is also an unforgiving environment, as the current record level of attrition shows.

It is an unforgiving environment.