Small investors would increase their returns through bank-sponsored and distributed mutual funds.
By giving some money to managers who concentrate on a few strong stock ideas, he said, investors increase their chances of outperforming the market.
But the new data also showed that American investors were increasing their buying of foreign stocks and bonds.
To him, that means smaller, less experienced investors are increasing their borrowing the fastest of all.
At the same time, foreign investors increased, drawn, in part, by new stock flotations.
Outside investors will increase their control of Macy.
But big oil companies received a lift from an analyst's recommendation that investors increase their holdings of the stocks.
The fund is closed to new business, but existing investors can increase their exposure.
Ten of the plans it administers for companies will allow investors to increase contributions automatically each year.
In Europe, although institutional investors have increased their market presence over the past decade, banks remain a key part of the market.