Managed account solutions increased 9% to $2.5 trillion, nearly double the increase from the fourth quarter, according to data released Tuesday by the Money Management Institute.

According to the MMI Central Q2 2012, a statistical overview of data and trends for the managed account solutions industry for the first quarter, unified managed accounts surged for the second consecutive quarter. UMA assets increased 21% to to $179 billion, recorded the largest increase of any segment, albeit over a still relatively small base.

Morgan Stanley Smith Barney retained its position as the leading managed solutions sponsor with assets of $507 billion, according to the MMI, followed by Bank of America Merrill Lynch, Wells Fargo, UBS and Charles Schwab.

Meanwhile, BlackRock Investment Management was the leading manager of SMA assets plus model portfolio assets with $54 billion under management. Nuveen Investments, Legg Mason, PIMCO and Neuberger Berman rounded out the top five.