The country's largest brokerages will likely lose their marketshare to middle-market firms in the near future, a new report byCochran, Caronia & Co. predicted.

Adam Klauber, the author of the report and Cochran, Caronia& Co.'s managing director of equity research, said that rapidgrowth through acquisition over the past decade has saddled largebrokers such as Aon and Marsh with legacy expenses==includingpension liabilities, debt and goodwill.

He said, big players will have less financial flexibility andgreater expense drag than their smaller competitors.

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