As the Securities and Exchange Commission considerstightening its regulations for money market funds, separatelymanaged accounts have been touted as a possible alternative ifcompanies decide to shift assets in response to the new rules. Suchaccounts are essentially customized money funds; they allow acompany to set guidelines for how the money in its account isinvested.

“It appeals to people, the idea that they can pull together aportfolio that's specific to their needs,” said Michael Gallanis, apartner at consultancy Treasury Strategies inChicago. “If you do not wish to actively manage accounts on yourown, this seems to be the next best choice.”

Gallanis said, though, that few of Treasury Strategies' clientsuse separately managed accounts.