The Institute of Managed Account Professionals Ltd (IMAP), in association with Milliman, has published the latest data in its six-monthly FUM Census series for managed accounts. The data showed that managed accounts grew by $9.26 billion in the first six months of 2019 as net inflows doubled.

As of June 30, 2019 funds under management (FUM) in managed accounts totaled $71.383 billion, an increase of $9.263 billion over December 31, 2018 FUM. out of a total of $62.12 billion.

The net inflow of funds for December 31, 2018. until June 30, 2019 doubled from the prior six-month period to $4.43 billion, or a 7% increase over total FUM.

"FUM's Census results suggest that investors are working closely with and trusting their financial advisers, evidenced by the steady inflows of new funds into managed account arrangements," said Toby Potter, chairman of IMAP.

Victor Huang, Head of Capital Markets at Milliman - Australia, noted that the main features of the investment markets for the first half of 2019. confidence and volatility are improved.

"The value of the ASX/S&P 200 Accumulation Index increased 19.73% in the six-month period, compared with a decrease of 6.83% in the previous six months," he said.

While the MDA category remains the largest and growing, platform-based SMAs are growing at a faster rate and approaching the total number of MDAs.

Forty-three companies participated in the latest FUM managed account count.

"This census provides a good, representative picture of the managed account market," Mr Potter said.

"Participants include many large major platforms, banks and MDA providers, as well as individual licensees who largely run their service in-house."