Strange Behavior In Dynamic Sql

Hi folks,

I have some code, that just works. But when I put it into a exec() I get a strange error. First the code

exec ('
select
year,quarter, min(price) as minimum
into #temptable from
(
select
ntile(4) over (partition by year,quarter order by price) as rang
,year
,quarter
,price
from
(
select distinct id,year,quarter,price from #tbl1
) as a
) as b
group by rang,year,quarter

Select year ,quarter,
(
SELECT CAST(minimum as varchar(max)) + ","
FROM #temptable t2
where t1.year=t2.year AND t1.quarter=t2.quarter
FOR XML PATH("")
)
from #temptable t1
group by year,quarter

')

SQL Server says, that Insert Into is missing a column name. It points at line with FOR XML PATH("").
Any Idea what's wrong here?

The Output without exec (and correct quotes) looks like:

200430.00,252.90,331.40,470.00,
200440.00,241.00,325.00,450.00,
20051102.00,242.90,326.37,448.00,
200520.00,253.00,340.00,480.00,
200530.00,250.00,325.00,465.00,
2005443.00,260.00,355.00,490.00,

Thank you