Contestable assets in managed accounts

Published on
September 19, 2025
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Contestable Investment Mandate Universe now includes 2,658 managed accounts.

Contestable investment mandate universe now includes 2,658 managed accounts.

Rainmaker Information has expanded its coverage of contestable assets, to include model portfolios offered through managed accounts.

This has seen the coverage of investment mandates increase from 2,600 in December 2024 to 6,007 in March 2025, according to the Rainmaker Information Mandate Chaser Report.

“The Managed accounts market is now at $260 billion in funds under advice, with a 17% growth over the past year, continuing the strong run of growth over the past ten years,” said Dr. David Gallagher, executive director, research at Rainmaker Information.

“Given the size of the market and the appetite to launch new model portfolios, this has resulted in new opportunities for investment managers to deliver their expertise through these products.”

Of the contestable assets in managed accounts, international equities accounted for 897, making up 34%.

Following this was Australian equities with 473 (18%), Australian fixed interest with 378 (14%), international fixed interest with 289 (11%) and alternatives with 230 (8%).

Over the year to 31 March there were 199 model portfolio mandates appointed.

Elsewhere there were 55 mandates appointed by not-for-profit superannuation funds, four from retail superannuation funds and three from government agencies.

These mandates were from a pool of contestable assets also made up of 2,368 for super, 770 for investment managers and 211 for government agencies.

By asset class, this broke down into alternatives (1,525) having the most mandates, followed by international equities (1,501), Australian equities (912), international & Australian fixed with 568 and 564 respectively, property (536), cash (314), and diversified (87).

There were 560 individual managers running the 6,007 mandates across eight asset classes.

The top five organisations running the most mandates as of March 2025 were BlackRock, Vanguard, Macquarie, Betashares and Pendal, running a total of 1,407 mandates between them.

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