Managed account assets reach $13.7 trillion, according to The Cerulli Report – U.S. Managed Accounts 2025. Year-over-year, managed accounts assets have grown by 19.8 percent, marking two consecutive years of strong growth, as 2023 saw a similar increase of 19.6 percent.
Unified managed account (UMA) platforms led total net flows with $257.7 billion, followed by separately managed accounts (SMAs) with $218.4 billion. Total net flows into managed account programs equaled $811.8 billion in 2024.
UMA and SMA programs are expected to continue growing, and platform consolidation remains on the forefront of firms’ strategies. The transition to unified structures may take some time, as more than 20 percent of respondents expect to continue operating multiple program types.
