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 30th June 2026, Funds Under Management (FUM) in Managed Accounts increased to $315 bn, with reported net inflows of $12.14 bn
This is a 6 monthly increase of $22.1 bn, and a $58.74 bn or 22.9 % annual increase on 30 June 2025’s FUM figure of $256.24 bn.
Toby Potter - Chair of IMAP said, “This is a steady and positive result for the managed accounts sector, during a 6 month period of modest overall capital growth in Australian and global markets, and a degree of market uncertainty & geopolitical factors.
“In terms of managed account types, SMA’s market share increased modestly to 65.3% of managed account FUM, managed discretionary accounts (MDAs) grew $4bn, and are stable at 20.3 %. The Other category (including “IDPS like” etc) reduced slightly to 14.2%.
Looking at the managed account industry overall 8 organisations manage $10+ bn FUM with 2 more very close to $10bn, of the 8, 6 manage $20bn plus and 1 is $55+ bn, says Potter.“

By IMAP
Continued.....
Victor Huang, Milliman’s Practice Leader, Australia said, “Growth in the investment markets slowed faster in the first half of calendar 2026, than in the second half of 2025. The increase in the value of the ASX / S&P 200 Accumulation Index lowered to 2.37%, giving an increased annual growth rate of 6.2% for the 12 months from June 2025 to June 2026 (compared with 10.5% for the year to December 2025).
The first half 2026 showed reduced volatility with a late resurgence in AI, and emerging markets which slightly offset the new factors for 2026 being the USA Iran conflict, Russian aggression, the expanding and constantly changing USA tariff measures against former trade allies, continued conflicts in Ukraine, and in other Middle East Countries.
The predicted high volatility environment for all of 2026 has certainly come true and the ripples have spread across all the global markets.”
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
Notes for the June 2026 FUM Census
“The FUM Census collected data from 40 organisations, which includes the platforms who report
the market’s SMA FUM on behalf of their SMA provider clients.
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 thank the participants for their efforts and cooperation to enable this reporting to be provided
by the managed account sector for public awareness” emphasised Toby Potter – IMAP Chair.
Chart Two - Managed Accounts FUM growth annually ($ billions) by Licensed Category from December 2020 to December 2025

About
Media Contact Details
IMAP
Toby Potter, IMAP Chair
M: 0414 443 236
E: toby.potter@imap.asn.au
Milliman
Victor Huang, Practice Leader, Australia
T: 02 8090 9100
M: 0433 383 580
E: victor.huang@milliman.com
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:
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Access to information on the latest developments in managed account services
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Education, and training appropriate to professionals at all levels.
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Conferences and events tailored for managed accounts’ advisers, licensees, platform providers, investment providers and asset consultants
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Representation as the voice of the managed account industry to represent its interests to regulators.
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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.
For further information about Milliman’s SmartShield™ Managed Account solutions
please visit https://advice.milliman.com/en/