UMA and SMA programs poised to grow as industry moves toward personalization and consolidation
A new report from Cerulli Associates dissects the managed account marketplace, providing key business metrics gleaned from Cerulli’s managed account database. Access the full report here.
July 17, 2025, BOSTON—Managed account assets grew 19.8% to reach $13.7 trillion in 2024 after increasing 19.6% in 2023. As fiduciary assets continue to accumulate a larger portion of total advisory marketshare, managed accounts are poised for robust growth, according to The Cerulli Report—U.S. Managed Accounts 2025.
Total net flows into managed account programs were $811.8 billion in 2024, reaching their second-highest point ever. Unified managed account (UMA) programs experienced the highest net flows ($257.7 billion), followed by separate managed account (SMA) programs ($218.4 billion).
According to Cerulli, UMA and SMA programs exhibited the highest five-year compound annual growth rates (CAGRs), with annualized growth rates of 18.7% and 18.3%, respectively. As managed account sponsor firms continue to consolidate their disparate platforms into a unified offering and the demand for personalized portfolios and tax optimization increases, Cerulli expects both program types to continue to experience strong growth.
“With three-, five-, and 10-year growth rates well in excess of those posted by rep-as-portfolio-manager (RPM) programs, which currently reign as the largest platform type at $3.4 trillion, UMAs ($3.2 trillion) could snatch the title over the course of 2025,” says Scott Smith, senior director. “Though UMA programs still account for less than one-quarter of overall managed account assets, this change will symbolize a passing of the torch to the next generation of platforms featuring vehicle and discretion flexibility.”
While most platform sponsors have acknowledged this evolution, more than one in five platform respondents indicate that their firm intends to run several separate programs for the foreseeable future. “Though platform consolidation is inherently a complex and costly proposition, platform sponsors that have not agreed on a long-term strategy are delaying the inevitable,” says Smith. “Those without sufficient internal resources to handle consolidation should promptly connect with both their current and prospective service providers to divine a path toward an enhanced advisor investing experience,” he concludes.
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For over 30 years, Cerulli has provided global asset and wealth management firms with unmatched, actionable insights.
Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business development. Our analysts blend industry knowledge, original research, and data analysis to bring perspective to current market conditions and forecasts for future developments.
