Mandate Chaser Report

Rainmaker Information has redefined the scope of the Mandate Chaser report to focus on contestable assets across the investment mandate universe from super, investment managers, non-super and model portfolios.
Model portfolio mandates is the newest addition, with Rainmaker Information expanding its capabilities and research into managed accounts.
The inclusion of this segment, starting with the March 2025 quarter, together with process adjustments, has increased the mandate universe from 2,600 in December 2024 to just over 6,000 in March 2025.

Rainmaker Information estimates there were 6,007 contestable investment mandates across the universe as of March 2025.
Managed accounts was the largest market segment with 2,658, followed by 2,368 for super, 770 for investment managers, and 211 for government agencies.
There were an estimated 55 mandate appointments from not-for-profit super funds and investment managers, 199 model portfolio mandates, 4 mandates from retail super and three mandates from government agencies in the 12 months to end of March 2025.'
The cumulative three-year total of mandate appointments is 428 (from super funds and investment managers).
Rainmaker Information's universe of contestable assets across superannuation increased 34% over the quarter, from 1,767 to 2,368. Investment manager and government contestable assets also increased 24% and 14% respectively.

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Of the total number of mandates by asset class, this broke down into alternatives (1,525) having the most mandates, followed by international equities (1,501), Australian equities (912), international and Australian fixed income with 568 and 564 respectively, property (536), cash (314) and diversified (87).
In percentage terms, 40% of the contestable mandate universe belongs to equities, followed by alternatives taking a 25% share. Fixed income was next with 18%, and property 9%.
Alternatives proved the busiest asset class at the manager level, with 323 managers running alternatives mandates. International equities was next with 192 managers competing in the asset class, and there were a 127 for Australian equities.
Listed property and Australian equities saw the largest increase in net financial flows into the asset class, with $12.7 and $11.9 billion in position flows respectively. Cash received a $6 outflow and unlisted property experienced an outflow of $5.4 billion.
International equities had the highest number of mandate opportunities in super, with 367, equating to 15.5% of the market.
International equities also had the highest number of mandate opportunities in model portfolios with 897 (34% share) followed by Australian equities with 473 (18% share).

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There were 560 individual managers running the 6,007 mandates across eight asset classes.
The top five entities running the most mandates as of March 2025 were BlackRock, Vanguard, Macquarie, Betashares and Pendal.
These five entities ran 1,407 mandates in total, a 24.7% share of the overall market.
Over the past year Parametric was appointed the largest single mandate of $4.9 billion

Hostplus is the super fund with the most mandates, at 308, with 198 of these sitting in alternatives.
While AustralianSuper has 59 mandates, they have the largest average size of $6.2 billion.
Rest awarded nine mandates over the past 12 months, the most of all super funds, with Hostplus and HESTA awarding eight each.
Rest also awarded the most in mandates by funds under management, with $13.4 billion, with $10.4 billion of this appointed across international equities.
Frontier (23) and JANA (22) were the asset consultants associated with the most mandates. Between them they were associated with 73.7% of mandates appointed in the year.
50% of mandates are appointed alongside a single asset consultant, 38% use multiple, while the remaining 12% are handled internally.