“SMAs remain the largest share of the market at 64% share, with managed discretionary accounts (MDAs) steady at 25% of managed account FUM.

The leading 8 organisations managing $10 bn plus in FUM reported 6 months ago have held their position, but 3 organisations are closing in on this milestone.

Victor Huang, Milliman’s Practice Leader, Australia advised that “The investment markets recorded strong growth in the latter half of calendar 2024 with a 6.9% increase in the value of the ASX / S&P 200 Accumulation Index, giving an annual growth rate of 11.1% increase in the year from January to December 2024.

This second half of 2024 saw inflation largely under control and falling globally, plus signs of growth appeared in the largest economies.

Strong equity performance was a feature, with interest in private equity heightening as the impact of lower inflation began to feed into fixed income markets. “

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

“The FUM Census collected data from 48 large and smaller organisations with varied offerings, showcasing a healthy competitive market with a broad range of offerings to meet differing needs from both client investors and advisers”, says Toby Potter.

“This census report is an integral part of IMAP’s role as a voice of the managed accounts industry, able to represent and support advisers, their clients, investment managers and platforms.

We therefore encourage all managed account services providers to voluntarily take part in the 6 monthly census“ explains Toby Potter – IMAP Chair

Chart One – Annual Growth in Managed Accounts (Funds under Management)
from June 2017 to $232.77 bn in December 2024

Chart Two - Managed Accounts FUM growth annually ($ billions)
by Category from December 2019 to December 2024

                       SMA                                        MDA                                         OTHER

Reproduction Rights: © 2025 This data is Copyright Institute of Managed Account Professionals Ltd (IMAP).  Use of this data in publications is subject to written permission from IMAP

About IMAP  https://imap.asn.au
The Institute of Managed Account Professionals (IMAP) is the only industry body for advisers, managers, providers and other businesses actively involved in offering or supporting Managed Accounts and was founded in 2003.

IMAP provides its subscribers, readers and supporters with:

• Access to information on the latest developments in managed account services
• Education, and training appropriate to professionals at all levels
• Representation as the voice of the managed account industry to represent its interests to regulators.
• Networking opportunities for advisers and licensees interested or involved in managed accounts
  
  

About Milliman https://au.milliman.com/en/

Milliman is among the world’s largest providers of actuarial, risk management, and related technology and data solutions.

Our consulting and advanced analytics capabilities encompass healthcare, property and casualty insurance, life insurance and financial services, and employee benefits.

The firm serves the full spectrum of business, finance, government, union, education, and nonprofit organizations.

Founded in 1947, Milliman today has offices in principal cities worldwide, covering markets in North America, Latin America, Europe, Asia and the Pacific, the Middle East, and Africa.

For further information about Milliman’s SmartShield™ Managed Account solutions
please visit https://advice.milliman.com/en/

© 2025 Reproduction Rights: This data is Copyright Institute of Managed Account Professionals Ltd (IMAP). Use of this data in publications is subject to written permission from IMAP