The managed accounts sector enthusiastically supported IMAP’s portfolio management conference in July, with over 220 delegates ensuring this inaugural event was sold out. Jayson Forrest reviews some of the highlights of this conference, including in-depth reviews of two panel discussions.
Managed accounts: $60b by 2020
In officially opening IMAP’s Portfolio Management conference on 24 July, IMAP chair Toby Potter said the theme of the conference – Through the Managed Accounts Lens – was chosen to reflect the rapid growth and interest in managed accounts by the financial services sector.
Potter confirmed that funds under management (FUM) in the managed accounts sector in Australia was closing in on the $50 billion mark. He believed this figure would be supported by the results from the latest ‘Managed Accounts FUM Census’.
- Be professionally managed;
- Be transparent, enabling clients to see exactly what is in their portfolio;
- Have beneficial ownership;
- Be flexible, including access to investment tools;
- Have fewer holdings, so clients know what that are holding;
- Have a tax-effective structure;
- Have reduced administration; and
- Have optimised portfolio reporting.
- A limited ETF product range;
- Market cap based;
- Consumer education (what is a managed account and why would would a client use it);
- Slow take up (dealer groups not incentivised to offer them); and
- Most SMAs were Australian equities focused.