IMAP (The Institute of Managed Account Professionals Ltd) in conjunction with Milliman releases the latest 6 monthly Managed Accounts FUM Census results for balance date 31st December 2025.
In the 6 months to 31 December 2025 balance date, Funds Under Management (FUM) in Managed Accounts increased to $292.9 bn, with reported net inflows of $21.7 bn
This is a $60.2 bn or 25.8 % annual increase on 31 December 2024 figure of $232.7 bn
Toby Potter - Chair of IMAP said, “The reported net inflows in the 6 months to 31 December 2025 were higher than in the first half of 2025. I said 6 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”.
By IMAP
Continued.....
“Analysing the managed account types, SMA’s market share lowered slightly to 64.4% of managed account FUM, managed discretionary accounts (MDAs) lowered to 20.3%. The Other category (IDPS like etc) grew to 15.3%. The industry leader board is unchanged with 8 organisations managing $10+ bn FUM, 5 are over $20bn and one is now over $50 bn.“ said Potter.
Victor Huang, Milliman’s Practice Leader, Australia said, “Investment markets grew slower 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."
He added "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.”
The FUM Census results split between types of managed accounts is as follows:
Chart One – Annual Growth in Managed Accounts Funds under Management from December 2020 to December 2025 ($292.9 bn
Notes for the December 2025 FUM Census
“The FUM Census collected data from 41 organisations, reflecting a reduction in numbers of SMA organisations reporting. IMAP’s quality assurance process in 4th quarter 2025 identified $3.654 bn of reported SMA FUM overlapped with SMA platform reporting”, says Toby Potter.
“The MDA FUM figured reported for June 2025 was confirmed, and the growth in the Other Services category of managed accounts is a result of experiencing significant growth as large participants develop, acquire and rearrange their businesses, plus this report includes a new respondee.
“IMAP has carried out regular QA checks on the FUM Census data and sources throughout the 11 years that IMAP has been reporting on the FUM, (which IMAP commenced in 2015).
This census report is an integral part of IMAP’s role as a voice of the managed accounts industry, able to represent and support advisers, their clients, investment managers and platforms” emphasised Toby Potter – IMAP Chair.
Chart Two - Managed Accounts FUM growth annually ($ billions) by Licensed Category from December 2020 to December 2025
About
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.
- Conferences and events tailored for managed accounts’ advisers, licensees, platform providers, investment providers and asset consultants
- 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://www.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.
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please visit https://advice.milliman.com/en/