David Hutchison

Key points

• Newly-launched biannual report by North explores why 2025 is a tipping point for managed account adoption
• 24.6% annual increase in AUM for managed accounts in Australia, rising to $256.24 billion in AUM according to the latest figures.^[1]
• Two in three advisers now use managed portfolios^[2], yet only about one-third of advised assets are in managed portfolios^[3], highlighting significant opportunity for growth

AMP’s inaugural North Managed Portfolios Insights Report finds 2025 is the tipping point: managed portfolios have moved from an efficiency play to the default operating system for advice – driven by advisers seeking stronger governance, less implementation risk and more client time.

The numbers tell a compelling story. According to the latest IMAP and Milliman Census, total Australian managed portfolio assets under management (AUM) reached $256.24 billion as of 30 June 2025 – representing close to 25% growth year-on-year.

At the same time North has just achieved its fastest half year of growth, with managed portfolio AUM surging by more than $2.7 billion during the period to reach $21.8 billion as of 30 June 2025 thanks to flows and market movement – a 37% increase over the past year.

The biannual report draws on expert insights from independent advisers, asset consultants and some of the foremost thinkers in investment management.

By examining the investment trends and themes shaping managed portfolios today, North’s Managed Portfolios Insights Report provides advice practices across Australia—and those exploring managed accounts for the first time—with a clear view of the structural transformation underway in wealth management.

Key Findings

• Record Growth: Managed portfolio assets under management in Australia reached $256.24 billion at June 2025, a 24.6% year-on-year increase.
• Boutiques break through: While the top managers still command the bulk of industry assets, the report shows rapid growth from challengers, with challenger managers fast gaining traction as advisers diversify their manager line-ups to access global capability, alternatives and ESG-focused strategies at scale.
• Adviser Adoption: Managed portfolios have shifted from niche solutions to the centre of advice delivery, offering advisers better governance, streamlined compliance, and more time for client conversations. Two thirds of advisers now use managed accounts^[2], yet only about one-third of advised assets^[3] are in managed portfolios, highlighting significant room for growth.
• Innovation and Customisation: The next wave of growth will be driven by customisation, technology integration and the inclusion of alternative assets, as well as private markets and sustainable investments.
  As an example, North’s “Blend” style solutions are gaining popularity, merging off-the-shelf efficiency with adviser control.
  Launched in June, North innovative ‘Blend’ offer enables advisers who are seeking the efficiencies of managed portfolios (but may not have the scale just yet) to partially customise according to their clients’ needs at a holistic ‘Portfolio Series’ level supports advice practices who want to tailor model portfolios realise the practice efficiency and client improvements from managing a model portfolio solution.
• Global Perspective: Australia’s transformation reflects global trends, with managed portfolios becoming the default architecture of advice in the US and UK. Regulatory changes are accelerating adoption and innovation worldwide.

Notes:
[1] Source: IMAP FUM Census report for 2025. Data as at 30 June 2025
[2] Source: 16th SPDR ETFs / Investment Trends Managed Accounts Report
[3] Source: NMG Consulting

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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.”

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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.

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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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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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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Toby Potter

AMP has strengthened its MyNorth Managed Portfolio proposition, announcing three new initiatives:

• Adding investment managers Zenith Investment Partners and Quilla Consulting to its MyNorth Managed Portfolio range
• Launching a new Partnered Managed Portfolios offer, tailored for advice practices that are seeking to implement a whole-of-portfolio solution, and
• Releasing a new industry whitepaper on managed portfolios in partnership with the Institute of Managed Account Professionals (IMAP).

Rod Finch, AMP’s Managing Director of Wealth Products and Platforms, said: “We’re delighted to announce these new offers and resources for advisers and clients as we continue to strengthen our MyNorth Managed Portfolio proposition.

“Zenith Investment Partners and Quilla Consulting offer high-quality, in-demand portfolios that represent great value for clients, while our partnership with leading advice business, the Weinberg Private Group, has launched our Partnered Managed Portfolios offer. Shifting adviser business models and increased demand for managed portfolios are providing great opportunities for more advice practices to develop investment portfolios specific to the needs of their clients.

“Our new whitepaper – A Guide to Managed Portfolios – which we’ve produced in partnership with Toby Potter and the IMAP team, will also be a valuable resource for any adviser looking to take advantage of the many benefits of managed portfolios.”

Toby Potter, Chair of IMAP, commented: “Managed portfolios are one of fastest-growing investment vehicles in Australia because of the benefits they offer investors, so it’s great for IMAP to partner with AMP to produce this whitepaper.”

AMP’s initiatives follow the fee reductions announced earlier in the year, which are benefiting more than 87,000 new and existing MyNorth clients and families.

MyNorth is one of the most competitive and feature-rich wrap platforms in the Australian market.Zenith Investment Partners and Quilla Consulting

Zenith Investment Partners and Quilla Consulting portfolios are now available through the MyNorth Managed Portfolio proposition, increasing the diversity of the range and the strategies available to clients.

Zenith Investment Partners and Quilla Consulting were approved to the portfolio range following an extensive due diligence process conducted by AMP. This considered issues such as risk, the experience and quality of the individuals, client service records, and investment process, fees and structure.

Partnered Managed Portfolios

Financial advice practices are now able to partner with AMP and the MyNorth platform to create their own Partnered Managed Portfolios. This includes best-of-breed asset consultants to deliver portfolios which are tailored to their preferred strategies and can enable them to deliver a whole-of-portfolio solution.

Advice business, the Weinberg Private Group, is launching its own tailored MyNorth managed portfolio, which has been professionally constructed and managed for the requirements of its clients, with exclusive rights to brand.

Whitepaper

Produced by AMP in partnership with IMAP, A Guide to Managed Portfolios highlights transparency, investment quality and flexibility as key reasons for the significant growth of managed portfolios in recent years. They have now surpassed $62 billion in assets under management (AUM) in the Australian market since broad adoption began in 2010, with growth expected to accelerate over the next three years.

Other insights from the whitepaper include:

• Managed portfolios remove the need for advisers to produce a statement of advice or record of advice for every transaction
• Operational risk is reduced as managed portfolios transactions are generally centrally implemented
• Appointed investment managers typically build a portfolio of assets with reference to the platform’s investment menu
• ‘Ease of trading’ is a key consideration when determining which assets are held in a managed portfolio – term deposits, syndicated managed funds and corporate bonds are often excluded on this basis, and
• Managed portfolios require the responsible entity to issue a product disclosure statement, which must comply with the Corporations Act.

The whitepaper is available here.

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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 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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