Managed accounts FUM approaches $300b

Mike Taylor

Managing Editor and Publisher

31 March 2026

The status of managed accounts as an adviser staple has been underlined by the latest managed accounts FUM Census conducted by the Institute of Managed Accounts Professionals and Milliman revealing a $36.7 billion increase in funds under management in just six months.

The census, which covers the period to 31 December, last year, found that FUM in managed accounts increased to $292.9 billion, with reported net inflows of $21.7 billion with IMAP noting that this represented a 25.8% ($60.2 billion) annual increase on the 31 December, 2024, figure.

Release of the IMAP Milliman Census follows on from research undertaken by State Street and Investments Trends which found that nearly three in five financial advisers are now using managed accounts in client portfolios.

The State Street findings drew, in part, from IMAP data.

Commenting on the census outcome, IMAP chair, Toby Potter said it reinforced his view that the Australian managed accounts market is now in the maturity phase.

“I said six months ago that the Australian managed account market is now in the maturity phase, and this is reinforced in the second half of 2025 with the very large organisations growing very strongly, a number of notable acquisitions, mergers, and reorganisations plus changes in investment processing within groups,” Potter said.

He noted that the industry leader board had remained unchanged with eight organisations responsible for over $10 billion in FUM, with five accounting for over $20 billion and one now boasting $50 billion in FUM.

Milliman Practice Leader in Australia, Victor Huang noted that investment markets had grown more slowly in the second half of calendar 2025, with a slowing 3.65% increase in the value of the ASX / S&P 200 Accumulation Index, giving an increased annual growth rate of 10.5% for the 12 months from December 2024 to December 2025.

“The first half 2025 volatility recurred late 2025 due to USA tariff trade wars recurring, high global risk from the continued conflicts in Ukraine, and the Middle East. Geopolitical risks from trade issues, conflict and power positioning in the largest countries continuing, all pointing to a high volatility environment for all of 2026,” Huang said.

Potter noted that, breaking down the market share of managed account types, separately managed accounts (SMA) market share lowered slightly to 64.4% of managed account FUM, while managed discretionary accounts (MDAs) lowered to 20.3%.

He pointed out that, in the Other category (IDPS like etc) grew to 15.3%.