21.   It already offers a similar investment strategy for institutional clients.

22.   Its research staff was subsequently cut as the firm began to focus its business on its institutional clients.

23.   It was the latter course that Travelers took on the advice of Rockwood Realty Associates, a Manhattan-based real estate company serving institutional clients.

24.   Kerr manages the library at an investment firm and is about to start a job writing reports for institutional clients in global communications.

25.   Lippo spent two years strengthening its foreign and local staff as it moved to tap a growing retail investment market and expand its share of foreign institutional clients.

26.   LGT Chancellor is best known as a manager of equities investments for U.S.-based institutional clients.

27.   McCarthy will assume responsibility for the units that serve individual investors, investment managers and institutional clients.

28.   McManus is taking the same quantitative investment approach that he uses for his institutional clients.

29.   Morgan Stanley, by contrast, has cultivated the sale of WEBS through major retail brokerage firms as well as to its institutional clients.

30.   Merrill bought the stock on behalf of its institutional clients, said Moshe Arkin, chief executive of Agis, in a telephone interview.