IMAP Milliman Managed Account FUM Census Results as at 30 June 2019

Managed Accounts Grow $9.26bn for first 6 months of 2019 – Net inflows double


IMAP (The Institute of Managed Account Professionals Ltd) in conjunction with Milliman has released the latest data in its 6 monthly Managed Accounts FUM Census series. 

As at 30 June 2019, Funds Under Management (FUM) in Managed Accounts stood at $71.383 bn,
(an increase of $9.263bn on the 31 December 2018 FUM total of $62.12 bn).

The Net Funds Inflow for 31 Dec 2018 to 30 June 2019 has doubled on the previous 6 month period to $4.43bn or 7% increase on total FUM.

Toby Potter Chair of IMAP said “The FUM census results suggest that investors are working closely with and have confidence in their financial advisers, evidenced by the steady inflows of new funds into Managed Account arrangements.

Victor Huang, Milliman's Head of Capital Markets – Australia, advised that “The main features of investment markets for the first half of 2019 were improved confidence and volatility. The value of the ASX / S&P 200 Accumulation Index increased by 19.73% over the 6 month period, compared with a -6.83% decrease in the 6 months prior.”

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

Managed

Account Category

30 June 2019

($ billions)

Incr / Decr $

($ billions)  Dec 2018 to June 2019

Incr / Decr
Percentage%
Dec 2018 to June 2019

31 Dec 2018

($ billions)

30 June 2018

($ billions)

 

 

 

 

 

 

SMA / MIS 

$25.56

            $4.41 

20.9%

$21.15

$20.55

MDA services

$29.24

$2.72

10.3%

$26.52

$27.34

Other services

$16.58

$2.13

14.7%

$14.45

$14.54

 

 

 

 

 

 

Total

$71.38

$9.26

14.9%

$62.12

$62.43

 

“Although the MDA category remains the largest and is growing, Platform based SMAs are growing at a faster rate and closing in on the MDA total.” said Potter.

Forty three companies participated in the latest Managed Accounts FUM Census. There were changes again in this reporting period with 1 new entity and the reduction of 1 entity as industry alterations to platforms arrangements and consolidation continues, (in part due to drives for efficiencies and in part in response to strong signals from regulatory authorities over the past 12 months).

“This census provides a good, representative picture of the Managed Account market.” said Toby Potter. 

“Participants include the very large major platforms, banks, and MDA Providers as well as individual licensees who largely operate their service internally”.

We strongly encourage all organisations offering Managed Account services to participate IMAP’s Census.”

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

- Accordius

- AMP

- BT Panorama

- Cameron Harrison Private

- Colonial First State

- EC Pohl & Co 

- Elston

- Implemented Portfolios

- IOOF

- Macquarie

- Mainstream Group

- Mason Stevens

- Marcus Today

- MLC / NAB Asset Management

- Netwealth

- Praemium

- Ralton Asset Management / Copia Partners

- Xplore Wealth

 

Download the PDF for the Press Release here

 

About IMAP

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.

IMAP provides its subscribers with:

·         Access to the latest developments in managed account services

·         Education, training and access to professionals at all levels

·         Representation as the voice of the managed account industry able to represent its interests to regulators

·         Networking opportunities for advisers and licensees interested or involved in managed accounts

About Milliman

Milliman is a global actuarial firm and among the world’s largest providers of independent actuarial and related products and services. In Australia, Milliman specialises in integrated retirement solutions—providing data analytics, financial modelling software and financial risk management services. Founded in 1947 Milliman is a global firm of more than 3,800 employees operating from 60 offices across the Americas, Europe, Africa, Asia, Australia and the Middle East. For further information, visit https://www.milliman.com

Contact Details

Milliman

IMAP

 

Wade Matterson, Practice Leader

M: 0410 443 630

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Victor Huang, Head of Capital Markets

M: 0433 383 580

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Toby Potter, Chair

M: 0414 443 236

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Craig Dewhurst, IMAP Data Manager

T: 02 8003 5077

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