In this study, FRC examines how the sub-advisory market has evolved over the past 5 years and specifically how the market has changed in response to the credit crisis and what sponsor firms plan to do through 2009-2010.Based on advisor and sub-advisor surveys, FRC also provides an in-depth assessment of the differences in how the firms view the sub-advisor selection processes and what makes up a best-in-class sub-advisory relationship. Other topics include fee & breakpoint analysis, assessment of the growth of the multi-manager marketplace, emerging product trends, and how advisor firms plan to use external managers in 2010.