FUM in managed accounts jump up $23.47 billion in 6 months: IMAP

According to the Institute of Managed Account Professionals (IMAP), in conjunction with Milliman, FUM in managed accounts have increased to $256.24 billion, with reported net inflows of $16.79 billion. This marks a six-monthly increase of $23.47 billion, and an overall annual increase of 24.6 per cent ($50.66 billion).

“The net inflows in the six months to 30 June 2025 were slightly higher this period, which is a strong signal that advisers are finding more clients, whose investment goals and service needs suit the appropriate use of managed accounts,” said IMAP chair Toby Potter.

“The managed account market is now in the maturity phase.”

The largest category managed account FUMs is self-managed accounts and managed investment solutions (SMA/MIS), with 66 per cent of FUM falling in this category ($169.36 billion). SMA/MIS accounts have also seen a total increase of $40.35 billion since June 2024.

“The investment markets continued to show strong growth in the first half of calendar 2025 with a 6.4 per cent increase in the value of the ASX/S&P 200 Accumulation Index, giving an increased annual growth rate of 13.3 per cent for the year June 2024 to June 2025,” said Victor Huang, Milliman’s practice leader.

He added: “This first half of 2025 saw markets perform well, despite volatility introduced by the tariff trade wars related to the USA, and continued conflicts in Ukraine, and the Middle East. Positives have been the invigoration of Europe, UK, Australasian, and Canada trade links, stronger commodities and AI technology growth being key themes.”

Managed accounts have seen an evolution over the last few years, going from a niche investment option to the centre of advice, offering advisers a streamlined solution that simplifies governance, compliance and frees up more time for client interaction.

This has brought Australian markets in line with its global counterparts such the UK and US, where managed accounts have long dominated investment solutions for advisers.

Speaking on future censuses, IMAP encouraged eligible advisers to participate.

“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,” Potter said.

“We therefore encourage all managed account services providers to voluntarily take part in the six-monthly census.”