The numbers underscore this transformation. According to the latest data from the IMAP and Milliman Census, the total assets under management (AUM) for Australian managed portfolios reached $256.24 billion as of 30 June 2025. This represents a remarkable 24.6% growth compared to the previous year. North, AMP's platform, has experienced its fastest half-year growth, with managed portfolio AUM surging by over $2.7 billion during the period, reaching $21.8 billion by the end of June 2025. This marks a 37% increase over the past year.

The biannual report draws on insights from independent advisers, asset consultants, and leading thinkers in investment management. It aims to provide a comprehensive view of the structural transformation underway in wealth management, especially for advice practices across Australia considering managed accounts for the first time.

One of the key findings of the report is the record growth in managed portfolio assets, which reached $256.24 billion by June 2025. This represents a 24.6% year-on-year increase. The report also highlights the rise of boutique managers, who are gaining traction as advisers diversify their manager line-ups to access global capabilities, alternative investments, and ESG-focused strategies at scale.

Shane Oliver, Chief Economist at AMP, commented on the broader investment trends reflected in managed portfolios. "Managed portfolios are acting as a mirror to broader investment trends. They continue to aim for innovation in terms of new assets, diversification, and managing risks to cope with the shift towards a somewhat less globalised, less economic rationalist, and more multipolar world," he said. Oliver also noted the increasing trend of Australian investors reducing their home country bias, although much of this has favoured the US recently. "In many ways, managed portfolios are a barometer for the world’s largest allocators – they reflect the same forces reshaping institutional portfolios worldwide," he added.

The report further highlights the growing adoption of managed portfolios among advisers. Two-thirds of advisers now use managed accounts, yet only about one-third of advised assets are in managed portfolios, indicating significant room for growth. The next wave of growth is expected to be driven by customisation, technology integration, and the inclusion of alternative assets, private markets, and sustainable investments.

David Hutchison, General Manager of Managed Portfolios and Investments at AMP, emphasised the evolving landscape of managed portfolios. "The question is no longer whether managed portfolios will dominate the advice landscape — but how quickly innovation will reshape their form and function, delivering better client outcomes and more efficient advice businesses," Hutchison stated. He noted that the rapid growth of platforms like North is not just a story of institutional success but a bellwether for the future direction of wealth management in Australia.

The report also points to global trends, with managed portfolios becoming the default architecture of advice in the US and UK. Regulatory changes are accelerating adoption and innovation worldwide, reflecting a global shift towards managed portfolio solutions.

Toby Potter, Chair of the Institute of Managed Account Professionals, highlighted the structural role of managed portfolios in advisers' service models. "The scale of inflows shows that advisers see managed portfolios as structural to their service models—that’s why adoption continues to climb. The international experience is clear. Once advisers adopt managed portfolio models, they rarely go back," Potter explained.

North's innovative "Blend" style solutions, launched in June, are gaining popularity among advisers. These solutions merge off-the-shelf efficiency with adviser control, enabling advisers to partially customise portfolios according to their clients' needs. This approach supports advice practices aiming to tailor model portfolios to realise efficiency and client improvements.

As the managed portfolio sector continues to evolve, the insights from AMP's North Managed Portfolios Insights Report provide a valuable roadmap for advisers navigating this transformative period in wealth management.