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Goldman Sachs estimates hedge fund assets invested through separately managed accounts reached $255bn at the end of 2025. Dedicated managed account platforms remain dominant, accounting for $171bn, or 67% of the market.
But approximately $41bn is now represented by multi-manager platforms allocating externally through SMAs, broadly matching the $42bn managed directly by allocators through self-implemented programs.
The figures highlight the emergence of multi-manager firms as an important source of external hedge fund capital as platforms supplement internal portfolio manager teams with allocations to independent managers.
Goldman Sachs: Multi-managers emerge as $41bn SMA market
Breakdown of estimated hedge fund SMA AuM at year-end 2025
Technology is therefore moving beyond its traditional role as an efficiency tool to become core growth infrastructure; it has become a superpower. As adoption increases, scalable data, reporting and automation will be critical to preserving the characteristics that make SMAs attractive to investors.
For more information, download AFI’s new SMA report, produced in partnership with SS&C, and register for the webinar discussing its findings.