Professionally managed assets reached a total of $36.8 trillion in 2013, gaining 10.9 percent over 2012.

That’s according to new research from Cerulli Associates, which said that institutional client assets increased at approximately the same rate, at 10.6 percent, as retail assets, at 10.9 percent, in the past year. Institutional client assets actually grew over a 10-year period at a higher rate (5.5 percent) than retail assets (4.8 percent).

Cerulli also said that institutional client asset growth has been driven not just by market appreciation but also by growth in defined contribution assets. From 2009 through 2013, DC assets grew at a compound annual growth rate (CAGR), of 11 percent. In addition, the opening of newer institutional channels, such as insurance general accounts, and asset managers’ targeting of major global asset pools, also drove growth.