IMAP announces that Managed Account FUM reached $194.8 bn as at 31 December 2023

IMAP Census of Managed Account FUM in conjunction with Milliman reports that managed accounts FUM reached $194.8 bn as at 31 December 2023. 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 long term series. In the 6 months to 31 December 2023 balance date, Funds Under Management (FUM) in Managed Accounts increased by 20.47% to $194.85 bn (Note: on an annual basis this is a $50.3 bn increase on 31 December 2022’s figure of $144.5 bn).   Toby Potter - Chair of IMAP said, “Strong inflows of over $15 bn were reported for the last half of 2023. The widespread adoption of managed accounts by licensees, their advisers, and by their clients is creating efficiencies in advice practices, and benefitting from professional portfolio management and the ability to manage diversified portfolios more effectively. Victor Huang, Milliman’s Practice Leader, Australia advised that “The investment markets have recorded improved growth in the second half of 2023 with a 7.6% increase in the value of the ASX / S&P 200 Accumulation Index, giving an annual growth rate of 12.11% in 2023" "The subsiding inflation data, receding recession risk, along with the tech sector growth were key drivers for the strong equity performance and provides a positive platform for growth in 2024. Concerns around service inflation remaining elevated and geopolitical uncertainty around the US election continue to be potential headwinds” Huang adds The FUM Census results split between types of managed accounts is as follows: Managed Account Category 31 December 2023 ($ billions) Incr / Decr ($ billions) Dec. 2022 to Dec. 2023 (one year) Incr / Decr Percentage% Dec 2022 to Dec 2023 (one year) 30 June 2023 ($ billions) 31 Dec 2022 ($ billions) SMA / MIS  $108.82 $28.21 35.0% $94.90 $80.61 MDA services  $61.64 $ 11.57 23.1%  $50.88 $50.07 Other services $24.39 $ 10.54 76.1% $15.96 $13.85 Total    $194.85 $50.32 34.8% $161.74 $144.53 “The Platform providers’ expansive use of SMAs as a vehicle to service the adviser/licensee market help drive FUM growth. Managed discretionary accounts (MDAs) are continuing to grow too helped by the tailoring, efficient implementation, & operation of MDA programs” said Potter.   “The FUM Census collected data from 46 large & smaller organisations with varied offerings, which adds up to a healthy competitive market with a broad range of offerings to meet differing needs from both client investors and advisers” says Potter Chart One – Annual Growth in Managed Accounts (Funds under Management) from December 2016 to $194.85 bn in December 2023 Chart Two - Managed Accounts FUM growth annually ($ billions) by Category from December 2018 to December 2023                          SMA                                        MDA                                      OTHER IMAP wishes to expressly thank all contributors to the IMAP FUM Census - a number of whom are listed below (by permission):    Accordius Implemented Portfolios     North (AMP) Insignia Financial     BT Panorama Lifespan Financial Planning     Cameron Harrison Private Lighthouse Capital     Clime Asset Management Macquarie     DASH APEX Group     DNR Capital Mason Stevens     EC Pohl & Co  MLC Asset Management     Elston Netwealth     FiiG Securities Park Street Group     Fortnum Private Wealth Praemium     HUB24 Shaw and Partners       Wilson Advisory   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. 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. For further information about Milliman’s SmartShield™ Managed Account solutions visit https://advice.milliman.com/en/ Download PDF of FUM Census Report The investment markets have recorded steady growth in the first half of 2023 Victor Huang, Milliman’s Practice Leader, Australia advised that ““The investment markets have recorded steady growth in the first half of 2023 with a 4.51% increase in the value of the ASX / S&P 200 Accumulation Index. Volatility has trended downwards in the first half of 2023 for the US and Aussie markets, with Europe peaking sharply at the end of the first quarter before also declining. The uncertainty around inflation and growth may continue to fuel uncertainty for the remainder of the year” Huang adds. ManagedAccount Category 30 June 2023 ($ bn) $bn Incr/DecrJun 2022  - Jun 2023 (one year) % Incr / Decr Jun 2022 - Jun 2023 (one year) 31 Decem 2022 ($ bn) 30 June2022 ($ bn) SMA / MIS    $94.90 $24.34 34% $80.61 $70.56 MDA services * $50.88 $  0.24 0% $50.07 $50.64 Other services $15.96 $  1.35 9% $13.85 $14.61 Total    $161.74 $25.94 19.1% $144.53 $135.80 The FUM results split between types of managed accounts is as follows: Managed Account Category 30 June 2023 “The market’s Platform providers’ successful use of SMAs as a vehicle to service the adviser/licensee market continues to drive FUM growth in this sector“, said Toby Potter. “The FUM Census collected data from 48 organisations with participants ranging from the large platforms, and MDA service providers through to individual licensees, “adds Potter IMAP wishes to expressly thank all census contributors - a number of whom are listed below (by permission):   Accordius Implemented Portfolios     North (AMP) Insignia Financial     BT Panorama Lifespan Financial Planning     Cameron Harrison Private Lighthouse Capital     Clime Asset Management Macquarie     DASH APEX Group     DNR Capital Mason Stevens     EC Pohl & Co  MLC Asset Management     Elston Netwealth     FiiG Securities Park Street Group     Fortnum Private Wealth Praemium     HUB24 Shaw and Partners 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 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. With more than 4,600 employees and revenue of US$1.38 billion in 2021, the firm serves the full spectrum of business, financial, 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 visit https://advice.milliman.com/en/ Contact Details Toby Potter, IMAP Chair M: 0414 443 236E:  This email address is being protected from spambots. You need JavaScript enabled to view it. Victor Huang, Practice Leader, Milliman Australia T: 02 8090 9100M: 0433 383 580E: This email address is being protected from spambots. You need JavaScript enabled to view it. Contact Details Milliman IMAP Victor Huang, Practice Leader, Australia T: 02 8090 9100 M: 0433 383 580 E: This email address is being protected from spambots. You need JavaScript enabled to view it. Toby Potter, Chair M: 0414 443 236 E:  This email address is being protected from spambots. You need JavaScript enabled to view it. Craig Dewhurst, IMAP Data Manager T: 02 8003 5077 E: This email address is being protected from spambots. You need JavaScript enabled to view it. © 2022 Reproduction Rights: This data is Copyright Institute of Managed Account Professionals Ltd (IMAP). Use of this data in publications is subject to written permission from IMAP

Next Events

IMAP's 2024 Advice in Action Conference

In 2024 this IMAP Advice in Action Conference puts the use of technology and digitisation in the spotlight for Advisers & Clients

Reaching "best practice" level in a digitalised advice business is a challenge to every advice practice.. our speakers will help you get on the right page by exploring

  • Getting centred on platforms' roles in helping your busienss to grow
  • How to go paperless for new & emerging clients, and provide relevant service to existing clients
  • Helping the next generation be safer for their financial future
  • Making the most of multi-generational relationships with families and more...

WHEN & WHERE

23rd July 2023 - Melbourne CBD - "Zinc"
25th July 2023 - Sydney CBD - "Amora on Jamieson

REGISTER USING THE LINK BELOW FOR EARLY BIRD RATES BEFORE 30 JUNE 2024

IMAP's 2024 Advice in Action Conference

‍The IMAP Retirement Masterclass is held in the mid afternoon following the Sydney IMAP Advice in Action Conference

‍The IMAP Retirement Masterclass is hosted by BlackRock and addresses all the issues that are important to understanding how to serve this critical market:

Seats are limited to 40 people

  • Portfolio construction for income stream portfolios
  • What are retirees’ key emotional issues? 
  • How will the Industry Funds look to dominate this critical segment
  • How can practices develop effective strategies to address this market?
  • What are the true multiples of capital they need? 4 times, 10 times or 25 times?
  • How should you engage with retirees so they understand how you can help? 

Hear from leading experts who can help you shape your strategy to meet the needs of the retiree market.

James Kingston – Head of Retirement, BlackRock on what they are doing to assist advisers in  this market here and globally

Ashley Owen – former CIO Standford Brown and leading writer on how to help clients determine their personal spending capacity and the impact of changing life expectancy 

Ben Hillier – Director Retirement AMP, on what retirees think about wealth transfer and the regulatory changes you need to understand

Jonathan Scholes – Head of Advice Findex on the reality of serving this market every day, in person, at scale  

WHEN & WHERE

2.30pm 25th July 2023 - Sydney CBD - The Hart Room level 1 "Amora on Jamieson"

REGISTER USING THE LINK BELOW

IMAP's Managed Account Awards 2024 are here.

Optimising Clients' Portfolios in 2024

The IMAP 2024 Managed Account Awards provide our industry the opportunity to recognising best in class for Managed Account Licensees, Boutique Licensees, Innovators, and Investment Asset providers plus Responsible Investing Portfolios.

The Awards have showcased a wide range of providers who are recognised for their work and accomplishments. (see IMAP Past events for more details)

Entries are now closed and judging is commencing - the finalists in each category will be announced on 1st August 2024

IMAP wishes everyone the best and please ask the Awards team how we can help

IMAP's Managed Accounts Central  exhibition is at the FAAA Congress 2024 in Brisbane

IMAP's Managed Accounts Zone exhibition is at the FAAA Congress 2024 in Brisbane

IMAP's Managed Account Zone enables advisers to talk with a selection of managed account service providers to ask questions and find out how effective implementation of managed accounts may be of benefit to your advice practice.

The FAAA 2024 Congress is being held in Brisbane from Wednesday 27th to 29th November 2024, and this year we welcome the following managed account providers exhibiting at the Managed Account Zone

The 2024 Managed Account Central features

Contact us

Email
This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Phone
0414 443 236