Victor Huang

In the 6 months to 30 June 2025 balance date, Funds Under Management (FUM) in Managed Accounts increased  to $256.24 bn, with reported net inflows of $16.79 bn

This is a $50.66 bn or 24.6% annual increase on 30 June 2024 figure of $205.58 bn

Toby Potter – Chair of IMAP said, “The net inflows in the 6 months to 30 June 2025 were slightly higher this period, which is a strong signal that advisers are finding more clients, whose investment goals and service needs suit the appropriate use of managed accounts.

The managed account market is now in the maturity phase, ”

“Strong investment market despite the challenges of geopolitical concerns has been a feature of 2025 to date, and it is encouraging to see ‘well advised’ clients adhering to their planned strategies.” says Potter

“Looking at the types of managed accounts, SMA’s market share increased slightly with 66%, managed discretionary accounts (MDAs) steady at 23.5% of managed account FUM. The industry leader board is unchanged with 8 organisations managing $10+ bn FUM,.“

Victor Huang, Milliman’s Practice Leader, Australia advised that “The investment markets continued to show strong growth in the first half of calendar 2025 with a 6.4% increase in the value of the ASX / S&P 200 Accumulation Index, giving an increased annual growth rate of 13.3% for the year June 2024 to June 2025.

This first half of 2025 saw markets perform well, despite volatility introduced by the tariff trade wars related to USA, and continued conflicts in Ukraine, and the Middle East. Positives have been the invigoration of Europe, UK, Australasian, and Canada trade links, stronger commodities and AI technology growth being key themes.”

The post IMAP in conjunction with Milliman releases the 6-monthly Managed Accounts FUM Census long term data series for balance date 30th June 2025 appeared first on AdviserVoice.

Toby Potter

IMAP’s FUM Census of Managed Account in conjunction with Milliman reports managed accounts FUM totaling $205.58 bn as at 30 June 2024 (a 6 monthly increase of $10.56 bn)

IMAP (The Institute of Managed Account Professionals Ltd) in conjunction with Milliman releases the 6 monthly Managed Accounts FUM Census long term data series for balance date 30th June 2024.

In the 6 months to 30 June 2024 balance date, Funds Under Management (FUM) in Managed Accounts increased to $205.58 bn, including new investment inflows of $14.9bn  (Note: this is a $43.88 bn or 27% annual increase on 30 June 2023’s figure of $161.7 bn).

Toby Potter – Chair of IMAP said, “The managed account industry sector has reached a major milestone in breaking through to over $200 billion in funds under management using managed accounts. Strong inflows of $14.9bn for the 2nd half of 2024 added to the steady investment performance.

“Managed discretionary accounts (MDAs) are 25.4% of the market FUM, with steady demand for the tailored portfolios offered via MDAs. Reported FUM for MDA programs is down for technical reasons due a previous participant no longer participating as a result of changed corporate policy in the Census”, said Potter. The adviser/licensee market use of SMAs via Platform providers is still a strong driver of overall FUM growth. There are now 8 organisations with more than $10 bn in FUM.

Victor Huang, Milliman’s Practice Leader, Australia advised that “The investment markets have recorded steady growth in the first 6 months of calendar 2024 with a 4.2% increase in the value of the ASX / S&P 200 Accumulation Index, giving an annual growth rate of 11.8% increase from 1 July 2023 to 30 June 2024. The half year to 30 June 2024 has seen inflation fears start to recede, weak economic growth and market adaption to global risks. Equity performance has been positive with fixed income also doing well as interest rate expectations fell for the 2nd half 2024. “

Note Organisations which act as investment managers (for example on SMA platforms) are included through the SMA issuer.

“Looking forward we expect a continued high level of volatility in the markets even if shocks and market eddies are likely to be less frequent. This is in part due to the UK change of government and the recent Democratic party upswing in the US elections contributing to a reduced likelihood of a Trump return”, Victor Huang adds.

“The FUM Census collected data from 46 large & smaller organisations with varied offerings, which adds up to a healthy competitive market with a broad range of offerings to meet differing needs from both client investors and advisers”, says Potter.

“Consistent with the goal of being a good corporate industry in supporting advisers and their clients we encourage all market participants to voluntarily take part in the 6 monthly census “ explains Toby Potter, IMAP Chair

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