Australian intermediary market shows strong brand concentration

Four local asset managers rank among the top 10 in Brand Equity Index, research by Aureum Y has found

The Australian financial intermediary market is characterised by strong brand concentration at the top, significant long-tail fragmentation and a clear preference for established, “tried and tested” managers, according to research by Aureum Y, Fundamental Group’s research division.

Our latest Australia Global Brand Survey, conducted between September and November 2025 among 200 financial intermediaries, revealed that while competition remains broad in absolute terms, brand power is concentrated in the hands of a relatively small group of firms, with local managers playing a prominent role.

Brand recall: dominance at the top, fragmentation beneath

Financial intermediaries recalled 305 unique asset management brands across asset classes and management styles, generating a total of 3,804 brand mentions.

However, spontaneous recall data highlights a market led by a small number of highly entrenched players. The top manager was recalled by 73.2% of respondents, way ahead of the second (mentioned by 39.5% of respondents), third (35.8%) and fourth (35.3%) asset management brands.

These four managers demonstrate clear leadership in brand salience, followed by a secondary group of eight competitors recalled by more than 20-35% of respondents.

At the same time, the data reveals a pronounced long tail, with 133 brands (43% of the total number of brands recalled) mentioned by only a single intermediary.

This combination of concentration and fragmentation suggests a market in which scale and visibility strongly influence intermediary awareness, while many smaller brands struggle to break through.

Notably, four of the top 10 managers in the Brand Equity Index are local Australian firms, underlining the strength of domestic players in competing against global houses.

On average, 50% of respondents reported being very or quite familiar with the 14 most familiar asset managers. The top five brands are known by more than 70% of intermediaries.

The gap in familiarity between leading firms and the rest of the market is significant. This reinforces a structural dynamic in which leading brands consolidate their advantage, making it increasingly difficult for smaller or less established managers to gain recognition.

Intermediaries prefer analytical brands over intuitive managers

Across brand value perceptions, most managers were strongly associated with being “analytical”, “suppliers” and “corporate” while relatively weak connections emerged with the values “intuitive”, “partners” and “personable”.

However, sentiment analysis shows a clear preference for personable brands and those viewed as partners. Qualitative feedback also indicated that brands perceived as more analytical attracted significantly more positive sentiment.

Correlation analysis reveals that being perceived as “tried and tested” is the most positively aligned attribute with propensity to buy. In contrast, being perceived as “curious or imaginative” shows the strongest negative correlation with purchase intent.

Overall, the Australian intermediary market appears to favour established, highly visible brands with analytical and carefully planned approaches.

With four local managers ranking among the top 10 in Brand Equity, domestic firms continue to compete effectively against global players. However, the survey also underscores the structural challenge facing smaller brands: in a market where recall closely aligns with buying intent, breaking into the top tier requires sustained investment in both visibility and credibility.

About Aureum Y

Aureum is Fundamental Group’s dedicated Research and Insights division, built on more than two decades of specialist experience in global investor research across individual, intermediary and institutional investor audiences. With extensive quantitative and qualitative capabilities, the team has delivered 250+ survey projects across 15+ audiences, managing a panel of 100k B2B professionals and tracking 3,600 media titles and 1,800 brands. Operating across 12 markets from four international offices, Aureum provides rigorous, culturally attuned insights that help asset management companies understand their audiences, refine their strategies and stay ahead in an increasingly competitive landscape. To access our flagship Global Brand Survey (GBS) insights contact [email protected] and follow us on LinkedIn to keep updated on the latest news.