European structured investment vehicles gathered considerable momentum last year, with six new SIVs entering the market in 2002. The SIV market is expected to maintain steady growth in 2003, but it's likely that the number of new entrants into that arena will diminish.

"Overall there are a total of 16 pure vanilla SIVs, and while 2002 saw a substantial increase in new entrants, growth in the market going forward will come from existing vehicles," said one market analyst. "We may even see some consolidation among some of the smaller vehicles."

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