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 are the newest addition, with Rainmaker Information expanding its capabilities and research into managed accounts.
The inclusion of this segment together with process adjustments, has increased the mandate universe from 2,600 in December 2024 to 6,533 in June 2025.
Mandate highlights:
Rainmaker Information estimates there were 6,533 contestable investment mandates across the universe as at June 2025.
Managed accounts was the largest market segment with 3,214, followed by 2,390 for super, 713 for investment managers, and 216 for government agencies.
There were an estimated 40 mandate appointments from not-for-profit super funds and investment managers as well as 101 model portfolio mandates in the 12 months to 30 June 2025.
The cumulative three-year total of mandate appointments is 300 (from super funds and investment managers).
Rainmaker Information's universe of contestable assets across superannuation increased from 2,368 to 2,390 over the quarter. Investment manager contestable mandates decreased by 7%, while increasing by 2% for government agencies.
Asset classes:
Of the total number of mandates by asset class, international equities had the most contestable assets with 1,680, followed by alternatives (1,546), Australian equities (1,012), Australian fixed income (667), international fixed income (605), property (553), cash (378) and diversified (92).
In percentage terms, 41% of the contestable mandate universe belongs to equities, followed by alternatives taking a 24% share. Fixed income was next with 19%, and property 8%.
Alternatives proved the busiest asset class at the manager level, with 334 managers running alternatives mandates. International equities was next with 182 managers competing in the asset class, and there were a 129 for Australian equities.
Australian fixed interest saw the largest increase in net financial flows into the asset class, with $13.4 billion in positive flows respectively. International equities received the largest outflow of $38.8 billion.564
International equities had the highest number of mandate opportunities in super, with 379, equating to 16% of the market.
International equities also had the highest number of mandate opportunities in model portfolios with 1,092 (34% share) followed by Australian equities with 564 (18% share).
Managers:
There were 567 individual managers running the 6,146 mandates across eight asset classes.
The top five entities running the most mandates as of March 2025 were BlackRock, Vanguard, Betashares, Macquarie and AMP.
These five entities ran 1,665 mandates in total, a 27% share of the overall market.
Over the past year Pendal was appointed the largest single mandate of $2.75 billion
Super funds and asset consultants:
Hostplus is the super fund with the most mandates, at 319, with 200 of these sitting in alternatives.
AustralianSuper has 59 mandates, they have the largest average size of $6.6 billion.
HESTA awarded six mandates over the past 12 months, the most of all super funds, with Rest and Cbus awarding five each.
Cbus awarded the most in mandates by funds under management, with $5.9 billion. $2.8 billion of this was appointed across Australian equities.
Frontier (16) and JANA (11) were the asset consultants associated with the most mandates. Between them they were associated with 67.5% of mandates appointed in the year.
50% of mandates are appointed alongside a single asset consultant, 39% use multiple, while the remaining 11% are handled internally.
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