As in previous years, the quality and number of entries continues to grow, a reflection of the maturity of the managed account market in Australia.

Toby Potter, IMAP Chair: “Managed Accounts have become one of the fastest growing parts of the advice profession because they provide advisers and licensees with a superior way of delivering better client outcomes that more closely align with client goals. We are seeing continued evolution of the technology and portfolio management capability in Managed Accounts”.

“We had more entrants this year than ever, and a wider variety of portfolios. We are demanding ever higher standards of ourselves as a profession and this is reflected in the standard of portfolio management from the asset consultants, investment teams and the advisers who connect these capabilities to each client’s own circumstances”.

“The IMAP Managed Account Awards are only possible because of the commitment of the judges who dedicate considerable time, and the benefit of their professional expertise, to assessing the many entries which we receive. On behalf of all the entrants I want to thank them for their efforts.”

The IMAP 2025 Managed Account Awards Category Winners are:

About the IMAP Awards Judges

Deanne Baker has joined the judging panel for the first time this year and is Deputy Chief Investment Strategist for Evidentia.

Brad Matthews has 30 + years experience in the finance industry and is a highly regarded investment strategist.

Dominic McCormick cofounded multi asset and alternatives manager Select Asset Management.

Nigel Douglas is the principal of Douglas Funds Consulting and provides investment committee and research services.

Rob da Silva is Head of Research at Foresight analytics and has 39+ years of experience across two careers as a highly regarded investment manager & a leading research ratings expert.

Chetan Trehan is Sector Head real Assets, Alternatives and Multi Asset Funds with research house SQM Research.

Toby Potter is Chair of IMAP and Executive Director of Philo Capital Advisers.

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The awards cover both single sector asset classes and multi asset class programs delivered as either MDA portfolios or platform based SMAs.

In addition, the IMAP Licensee Award and Boutique Licensee Award specifically recognises managed account programs developed by Advice practices and licensees that are integrated into their advice process.

IMAP also recognises the two additional areas of Responsible Investing and Innovation within Managed Accounts.

The IMAP Awards take into account quantitative analysis and qualitative judgement.

The Awards are adjudicated by a panel of independent researchers and other specialists. Blackrock partnered with IMAP to undertake the quantitative analysis as well as sponsoring the Licensee Managed Account Portfolio categories. Australian Ethical are sponsors of the Responsible Investing Award, SQM Research are sponsors of the Innovation Award and Centric are sponsors of the Boutique Licensee Award. This year we welcome SuitabilityHub as our Technology Partner.

The Finalists for 2025 are:

Licensee Managed Account

• Investblue
• Morgan Stanley
• Perpetual Private

Boutique Licensee Managed Account

• Alvia Asset Partners
• Halcyon Private Wealth
• Mont Wealth Advisors
• Strategic Wealth Lifestage

Responsible Investing Portfolio

• Betashares
• Implemented Portfolios
• Lonsec
• Russell Investment Management

Australian Equities

• Infinity Asset Management
• Lonsec
• Perpetual Private
• Resonant Asset Management

Australian Equities Small Cap

• Accordius
• Antares Equities
• Infinity Asset Management

International Equities

• Aoris
• Loftus Peak
• PPM Private Portfolio Managers

Multi Asset

• Drummond Capital
• Infinity Asset Management
• Innova Asset Management
• MLCAM
• Morgan Stanley

Innovation

• Count
• LAB
• North
• Russell Investment Management

Fixed Interest

• BondAdviser
• MST Financial
• Real Asset Management

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The IMAP Managed Account Awards are selected by a panel of experienced investment professionals. They understand the portfolio construction and investment selection process through their experience on investment committees, in running managed account and fund portfolios and through their hands on involvement in the development of managed account portfolios.

The categories are:

•  Innovation
•  Responsible Investing Portfolio
•  Licensee Managed Account Portfolios
• Boutique Licensee Managed Account Portfolios
• Retirement Portfolios (NEW to 2025)
• Investment Asset Classes
  • Australian Equities
  • Australian Equities Small Cap
  • International Equities
  • Multi Asset
  • Australian Fixed Interest

There are ten categories available including specific asset classes, Innovation, Responsible Investing, Reitrement Portfolios, Licensee Managed Account portfolios and a Boutique Licensee Managed Account Portfolio Award.

Success in the Awards will demonstrate to your staff, advisers and clients what it is that sets your services apart and you’ll have the logos and trophy to prove it.

s a winner, you’ll have the opportunity to be involved in IMAP events and conferences as a leading example of how managed accounts can be successfully integrated into advice practices

Submissions open Monday 14th April.

IMAP selected SuitabilityHub as its data partner for 2025 in recognition of the superior data collection and analysis tools which SuitabilityHub offers to portfolio managers and advisers. The judges will use the data collection and presentation capability of SuitabilityHub as an adviser would to compare and assess entrants in each category.

An additional benefit for portfolio managers is that SuitabilityHub offers a way for managers for showcase their portfolios to advisers and licensees when the portfolios are available for use through a public menu.

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IMAP (The Institute of Managed Account Professionals Ltd) in conjunction with Milliman has released the latest data for balance date 31 December 2023 in its 6 monthly Managed Accounts FUM Census long term series.

In the 6 months to 31 December 2023 balance date, Funds Under Management (FUM) in Managed Accounts increased by 20.47% to $194.85 bn (Note: on an annual basis this is a $50.3 bn increase on 31 December 2022’s figure of $144.5 bn).

Toby Potter – Chair of IMAP said, “Strong inflows of over $15 bn were reported for the last half of 2023. The widespread adoption of managed accounts by licensees, their advisers, and by their clients is creating efficiencies in advice practices, and benefitting from professional portfolio management and the ability to manage diversified portfolios more effectively.

Victor Huang, Milliman’s Practice Leader, Australia advised that “The investment markets have recorded improved growth in the second half of 2023 with a 7.6% increase in the value of the ASX / S&P 200 Accumulation Index, giving an annual growth rate of 12.11% in 2023.

The subsiding inflation data, receding recession risk, along with the tech sector growth were key drivers for the strong equity performance and provides a positive platform for growth in 2024. Concerns around service inflation remaining elevated and geopolitical uncertainty around the US election continue to be potential headwinds” Huang adds.

The FUM Census results split between types of managed accounts is as follows:

“The Platform providers’ expansive use of SMAs as a vehicle to service the adviser/licensee market help drive FUM growth. Managed discretionary accounts (MDAs) are continuing to grow too helped by the tailoring, efficient implementation, & operation of MDA programs” said Potter.

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

Chart One – Annual Growth in Managed Accounts (Funds under Management) from December 2016 to $194.85 bn in December 2023

Chart Two – Managed Accounts FUM growth annually ($ billions) by Category from December 2018 to December 2023

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As in previous years, the quality and number of entries continues to grow, a reflection of the maturity of the managed account market in Australia.

“In 2022 IMAP introduced an ESG category to reflect the growing volume of ESG portfolios and in 2023 the inaugural Boutique Licensees category highlights the smaller advice businesses now working with experienced asset consultants to develop portfolios that reflect their investment philosophy. It’s part of the professionalisation of advice.” said Toby Potter – IMAP Chair on behalf of the judges.

“We wish to congratulate the winners in each of the awards categories; Single Sector Asset Classes (4), Multi Asset Class , ESG, Innovation, Licensee category and the new Boutique Licensee category.”

“In particular, the strength of the Licensee Category and Boutique Licensee Category recognise the breadth of use of managed accounts. Evaluation of the Licensees this year was enhanced with analysis of each portfolio using the BlackRock Aladdin risk and factor tools” says Potter

The multi asset class category is the most heavily contested. Speaking on behalf of the judges, Dominic McCormick said “While there is a clear qualitative scoring approach around investment philosophy, process, team and collateral, combined with risk adjusted performance, there was more discussion between the judges on the finalists in this category than in any other”

Toby Potter, Chair of IMAP. “I want to thank the Judging panel of independent researchers and other specialists for their time & energy. There are a significant number of entries each year and the work involved in reviewing them all in depth is considerable.”

The IMAP 2023 Managed Account Awards Category Winners are:

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Toby Potter

Market headwinds in first half of 2022 met by positive inflows resulting in overall growth in Funds under Management in Managed Account services.

IMAP (The Institute of Managed Account Professionals Ltd) in conjunction with Milliman has released the latest data for balance date 30 June 2022 in its 6 monthly Managed Accounts FUM Census long term series. In the 6 months to 30 June 2022 balance date, Funds Under Management (FUM) in Managed Accounts increased by $3.4 bn to reach a new high of $135.8 bn, up 22% compared to June 2021.

Toby Potter, Chair of IMAP said, “The investment in client education by financial advisers and investment providers is clearly resulting in a greater focus on clients investing to achieve their longer term goals, and using the structured process that managed accounts provide.”

“There has been little sign of clients withdrawing funds when market fluctuations occur. Plus the efficiencies of managed accounts means that advisers have more time to focus on communicating with clients.” said Potter.

“The continued growth of 22% year on year compares with the decline of 0.5% in total superannuation, despite mandated inflows”^[1]

Victor Huang, Milliman’s Practice Leader, Australia advised that “A turbulent period in the investment markets delivered market sell-offs across both equities and fixed interest, with the value of the ASX / S&P 200 Accumulation Index falling -9.9% over the 6 month period (compared with a 3.8% increase in the prior 6 month period).

“Milliman is seeing an increased need for explicit risk management strategies to be used in this new regime of high inflation and low growth” said Huang The FUM results split between types of managed accounts is as follows:

“Participants from the managed account sector totaled 51 organisations. I thank all who participated for their efforts in responding at a time when there are many priorities and demands“, said Toby Potter. ”Some changes in categorisation by providers resulted in decrease in MDA and an increase in Other services ( which includes IDPS-like, trustee discretion and some wholesale managed accounts). Participants range from the large platforms, and MDA service providers through to individual licensees. ^[2]

IMAP wishes to expressly thank all census contributors – a number of whom are listed below (by permission):

• Accordius
• AMP Implemented Portfolios
• BT Panorama
• Cameron Harrison Private
• Clime Asset Management
• DASH
• DNR Capital
• EC Pohl & Co
• Elston Netwealth
• FiiG Securities
• Fortnum Private Wealth
• HUB 24
• Insignia (IOOF)
• Lifespan Financial Planning
• Macquarie
• Mainstream Group
• Mason Stevens
• MLC Asset Management
• Praemium

———

[1] https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-june-2022
[2] Organisations which act as investment managers (for example on SMA platforms) are included through the SMA issuer.

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As at 31 July 2017, FUM in Managed Accounts stood at $47.97 bn. This balance represents an increase of $8.88 bn (or 8.79%) on the 31 Dec 2016 FUM total of $39.17 bn and is made up as follows:

Toby Potter, Chair of IMAP said “$4.1 billion of this increase has come from companies who have been added to the census, but the over half of the increase is organic growth as advisers increasingly view Managed Account services as their preferred service model for a certain client segment.”

Toby Potter

“Thirty seven companies participated in the latest Managed Accounts FUM Census ranging from the very large (major platforms and banks) and smaller MDA Providers.” said Potter. “With several organisations moving service offerings into the larger platforms, and new entrants, this continues to be a very dynamic market.”

“IMAP’s recent Portfolio Management conference highlighted the varied nature of the managed account services and business models able to be offered by advisers, even within a similar platform and this is clearly working well for those advisers and organisations that have embraced Managed Accounts”

Mr. Potter says “IMAP has analysed the increase in Funds under management for managed accounts using the S&P ASX 200 market movement index over the past 6 months of 1.0% as an indicator, and $0.39bn of the growth is likely the result of market movement.

This means that $4.4bn of the growth in FUM comes from existing participants growing their Managed Accounts business, compared with 2.5 bn in previous 6 month period.”

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Toby Potter

The Institute of Managed Account Professionals (IMAP) has announced that it will be establishing a sub group to address the interests of MDA Providers as part of its broader representation of Managed Accounts.

IMAP’s FUM study in June 2016 showed that the MDA services exceeded $10bn and the initial results of an update as at 31 December 2016 shows this is likely to have grown significantly. Increasingly platforms are having to adapt to support this way of implementing advice services.

“MDA Providers – or Operators as they used to be known – are governed by different regulation to organisations offering managed accounts via a Product Disclosure Statement and tend to have more diversity in their business models. MDA Providers have expressed enthusiasm for a forum that would support their common interests such as complying with the new MDA regulations, ensuring ASIC understands their business models and encouraging wider understanding among advisers of the potential for MDA services” said Toby Potter, Chair of IMAP. “In addition, many MDA Providers would benefit by sharing experiences in operating their businesses by being able to chat with other business leaders who face similar challenges. Other topics which we intend to cover include how to engage with investment managers as sub advisers and the benefits platforms and brokers can offer MDA Providers.”

“The overall goal of the MDA Forum is to ensure that clients’ interests are best served”, he said.

The MDA Providers’ Forum will be an invitation only group available to leaders of businesses which have this AFSL authorisation. It will meet in Sydney and Melbourne initially up to 6 times a year but may extend to other centres following establishment. The group will have a speaker on a relevant topic followed by drinks and will commence in March with a Sydney meeting.

To develop the MDA Providers Forum IMAP has formed a Leadership Group consisting of the principals from a number of licensees who have the MDA authorisation. This group includes:

• David Heather – Managed Accounts
• George Karantzias – Alpha Securities
• Richard Nicholas – Peak Investment Partners
• Nick Revis – Elston Asset Management
• Brett Sanders – Philo Capital
• Glenn Woolley – Intrinsic Investment Management

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Toby Potter

The Institute of Managed Account Professionals (IMAP) has announced that it will be undertaking a new study of the FUM invested through Managed Accounts.

“When we did the last study as at 30 June 2016, I think many people were surprised that over $31 billion was managed in this way. We are undertaking the next FUM Census as at 31 December 2016 and plan to undertake the study twice yearly.” said Toby Potter, Chair of IMAP.

“I am confident that we will see, even in this six monthly period, a significant increase in the assets held in Managed Account services. The current level of FUM and the growth, if it eventuates, will prove how significant this service is for the advice profession.”

“In the study last year we showed that Managed Accounts were offered in a number of ways – about 1/3rd Managed Discretionary Accounts, about 1/3rd SMAs / managed investment schemes, and the balance in a variety of other legal structures such as IDPS-Like or IDPS services. Recent product launches have been principally in the SMA style so it will be interesting to see how the relative usage has evolved.”

IMAP will be completing the FUM Census through February for release in March. Potter said “In the last study we were thorough in our coverage of institutions and companies which offered Managed Account services to IFAs. In this study, we are extending the survey to the 190 licensees whose AFSL authorizes them to be an MDA Provider in their own right. Their participation will be a valuable extension of the study.”

To better meet the needs of MDA Providers, IMAP is also creating an MDA Providers Forum which will provide these organisations an opportunity to have a collective voice in matters such as regulation, professional indemnity insurance, investment management, and development of adviser expertise.

The mandate for the MDA Providers’ Forum is currently being developed by IMAP with a group of MDA Providers and invitations to participate are expected to be released in February.

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Toby Potter

The Institute of Managed Account Professionals (IMAP) has welcomed the release by ASIC of a long foreshadowed revision of the MDA Class Order. “The new version of Regulatory Guide 179 is easy to read and a clear and pragmatic response that makes it more likely that advisers will take up MDA’s because of the flexibility they allow in the advice process” said Toby Potter, Chair of IMAP.

“ASIC have recognised that Managed Accounts are operated in many ways and the new Regulatory Guide recognises this in allowing multiple modes of operating. This reflects the IMAP submission to the consultation paper.”

“The FUM in Managed Accounts has expanded enormously to over $31bn since 2004 when the Class Order was first issued and the number of providers and the ways in which Managed Accounts are offered has developed tremendously” said Potter. “ASIC signaled with the release of a consultation paper in 2013 that they recognised that market practice had moved in advance of the old regulations. This update brings a welcome alignment of regulation and industry practice. For example, ASIC seemed uncomfortable with Limited MDAs and these are now brought into the regulatory regime.”

IMAP welcomed ASIC not implementing a net tangible asset requirement as signaled in the consultation although they will be reviewing this over the next two years while they determine the impact of the changes in this update. “IMAP’s view is that this is appropriate given that MDA services have been almost completely free of either product or issuer failure. In addition, the ownership arrangements and involvement of a platform or custodian mean there is less need for this type of client protection” said Potter.

The major change implemented by the updated regulations is terminating limited MDAs. Potter said “This provides a two-year window for advisers who are currently using platforms to determine their best option. ASIC indicated that they will give some consideration to the experience gained in operating a limited MDA service for those who apply to be fully fledged MDA Providers. ASIC has provided these advisers with several options including introducing a new type of MDA – MDA on a Regulated Platform – with specific reliefs.”

“The approach to adviser’s Best Interest obligations which ASIC developed in the FoFA legislation comes out very clearly in this new document. Both Best Interest obligations and the treatment of conflicts of interest are clearly spelled out.”

“There are a number of points that existing MDA Operators will be uncomfortable with in the new regulations. There are a large number of changes to process and obligations which will be cumulatively significant and the transition period for them is limited to one year. That really is a short period to implement what could be substantial changes. In particular the Regulatory Guide makes it mandatory for MDA Providers to confirm the suitability of their MDA service for a client with an External Adviser. This is quite a new and onerous obligation” said Potter.

In addition, as ASIC signaled in the consultation process, they have tightened the requirements on MDA Providers who include investments which may open the clients to losses beyond their initial investment. Stronger disclosure and review processes will be required. “This will be welcomed by most advisers” said Potter.

IMAP will be holding a presentation session with ASIC in both Sydney and Melbourne on 26 October to provide further detail on the Class Order and provide an opportunity to question ASIC and a number of lawyers about the impact of the changes.

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