Milliman Australia
Milliman Australia is the Australian arm of global actuarial consultancy Milliman, Inc., providing risk management, investment advisory, and retirement solutions to superannuation funds, insurers, and ETF managers, plus retail managed accounts (SmartShield) distributed via HUB24 and Netwealth.
- Company typePrivate
- Founded1947
- HeadquartersSydney, Australia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Milliman Australia does
Milliman Australia Pty Ltd is the Australian operating entity of Milliman, Inc., a US-headquartered independent actuarial and consulting firm founded in 1947 and headquartered in Sydney. The firm operates as a global actuarial management consultancy providing risk management, wealth management, and retirement solutions to institutional clients (superannuation funds, insurance and reinsurance companies, ETF managers, and managed account providers) and, more recently, retail investors and financial advisers. Its service portfolio spans actuarial consulting, investment advisory, hedging overlays, managed account products, and analytical services, supported by a 24-hour global trading desk spanning Sydney, London, Amsterdam, and Chicago.
Core products include the SmartShield Series of Managed Accounts, which applies futures-based dynamic hedging to provide downside protection while preserving growth exposure; the Milliman Managed Risk Strategy (MMRS) overlay; managed funds and ETFs; and the Goals-Based Analytics (GBA) platform, a stochastic modelling engine that runs thousands of scenarios to analyse retirement outcomes. Sub-brands include MedInsight, a healthcare data analytics payer solution. The firm advises on more than $240 billion of global assets and executes approximately $176.1 billion through its 24-hour trading desk (as of December 2021).
The business model combines professional services revenue from bespoke consulting engagements, managed services revenue from investment advisory and hedging mandates, and recurring subscription/asset-based fees from SmartShield and other managed account products distributed via HUB24 and Netwealth platforms and the advice.milliman.com digital advice portal. GTM combines direct enterprise field sales to institutional clients, channel partnerships with Australia's leading non-bank platforms for retail distribution, and direct-to-consumer digital access for self-directed investors. The firm is independently owned and managed by its principals and reports no external parent entity.
Milliman Australia firmographics
Firmographics- Name
- Milliman Australia
- Legal name
- Milliman Australia Pty Ltd
- Website
- https://au.milliman.com
- Company type
- Private
- Founded year
- 1947
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Milliman Australia is the Australian arm of global actuarial consultancy Milliman, Inc., providing risk management, investment advisory, and retirement solutions to superannuation funds, insurers, and ETF managers, plus retail managed accounts (SmartShield) distributed via HUB24 and Netwealth.
- Ownership category
- akta.pro rank
Milliman Australia industry classification
Industry- Product category
- Actuarial Consulting
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282), Services-Management Consulting Services (8742)
- akta.pro primary industry
- Managed Account / SMA Multi-Manager Platforms (FSANAGAL)
- akta.pro secondary industries
- Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB), Corporate Finance & Capital Advisory (BPAHADAB)
Keywords
Where Milliman Australia is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Milliman Australia business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Actuarial and Risk Consulting Services: Professional consulting services providing actuarial analysis, risk management advisory, and financial modelling for insurers, superannuation funds, and financial institutions.
- Investment Advisory and Management Services: Investment advisory, hedging and consulting services for institutional clients including superannuation funds, insurance companies, and managed account providers. With over $240 billion of global assets under advisory.
- Managed Account Products: SmartShield Series of Managed Accounts distributed through platforms and financial advisers to retail clients, providing diversified portfolios with risk management overlay.
Go-to-market motion3 records
Distribution channels5 records
Marketing channels7 records
Milliman Australia product offering
Product offeringCore offering
Milliman Australia provides actuarial consulting, investment advisory, hedging and risk management services to institutional clients (superannuation funds, insurers, reinsurers, ETF managers). It also designs and distributes managed account products — most notably the SmartShield series with built-in dynamic futures-based risk management — to retail investors through the HUB24 and Netwealth platforms and financial advisers. The firm manages over $240 billion of global assets under advisory, hedging and consulting.
Product overview
Milliman Australia offers integrated retirement solutions comprising a portfolio of investment management products and services. The core offerings include SmartShield (a managed account with built-in dynamic futures-based risk management), standard managed accounts, managed funds and ETFs, and tailored investment advisory, hedging and consulting services. The firm manages over $240 billion in global assets through these solutions. Supporting these are proprietary analytical platforms like the Goals-Based Analytics (GBA) Platform for stochastic retirement scenario modeling. SmartShield was launched in 2020 and is distributed through HUB24 and Netwealth platforms.
Differentiator
Problem solved
Functional benefit
Brands
- SmartShield: Managed account solution with built-in risk management protection designed to shield investors from market risk and provide stability to investment portfolios.
- MedInsight
Products and services
- SmartShield Managed Accounts Managed account solution with built-in dynamic futures-based risk management designed to support clients and provide strength and stability to investment portfolios. Applies more protection during difficult markets and allows full participation when volatility subsides. Distributed to retail investors via financial advisers and platform partners.
- Managed Accounts Low-cost managed account solutions delivering investors fully diversified portfolios with additional flexibility and tax efficiency. Investors can turn the in-built risk management on and off to remain in control.
- Managed Funds and Exchange-Traded Funds (ETFs) Multi-asset strategies accessible via funds and ETFs, providing long-term capital growth through equity market exposure while using a risk management overlay to minimise losses in declining markets.
- Tailored Investment Advisory, Hedging and Consulting Solutions Bespoke investment advisory, hedging and consulting services delivering solutions across diverse client circumstances, covering over $240 billion of global assets under advisory, hedging and consulting.
- Fund Services Investment fund services for superannuation funds and institutional clients.
- Hedging Services Currency hedging, tail risk hedging, and rebalancing overlays for funds, as well as dynamic hedging programs for investment guarantee products and defined benefit liabilities.
- Milliman Managed Risk Strategy (MMRS) Explicit risk management strategy providing protection against market downturns using futures-based dynamic hedging.
- Goals-Based Analytics (GBA) Platform Platform used for stochastic modelling and analysis of retirement scenarios, capable of running thousands of future scenarios to assess retirement income outcomes.
- Market-Linked Lifetime Annuities Analysis Analysis and measurement of market risk in retirement income products, including conditional tail expectation metrics for retirement income risk assessment.
- MedInsight Healthcare Data Analytics Healthcare data analytics payer solution for healthcare organisations requiring actuarial expertise and data analytics, covering healthcare cost analysis, Medicare Advantage, and commercial market analytics.
Quantifiable outcome
- Median value of Age Pension more than doubles from ~$180,000 to ~$500,000 in market downturn scenarios, essentially offsetting a 30% fall in retirement savings
- +2 more outcomes
Companies that use Milliman Australia
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
Milliman Australia technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Milliman Australia partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- HUB24corePlatform partnership providing SmartShield Managed Account products to retail investors and financial advisers through the HUB24 platform.
- NetwealthcorePlatform partnership providing SmartShield Managed Account products to retail investors and financial advisers through the Netwealth platform.
- United Nations Development Programme (UNDP)coreThe UNDP-Milliman Global Actuarial Initiative partners to grow the actuarial profession and strengthen social safety nets around the world, particularly in developing countries.
- Science Based Targets initiative (SBTi)minorIndependent science-based target verification for Milliman's commitment to reduce GHG emissions 46.2% by 2030 and achieve net-zero by 2040.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Milliman Australia competitors and assessment
Company assessmentDirect peers
- Willis Towers Watson (WTW): WTW provides actuarial consulting, investment advisory, and risk management to Australian insurers and super funds. Direct competitor to Milliman across actuarial and investment advisory mandates.
- Mercer Australia: Mercer is a global investment consulting and advisory firm serving Australian super funds, insurers, and institutional clients. Highly comparable to Milliman Australia's institutional advisory and superannuation-focused mandates.
- JANA Investment Advisers: Australian investment advisory firm serving super funds and institutional investors. Closely comparable to Milliman Australia in the institutional investment advisory segment.
- Frontier Advisors: Leading Australian investment consultant advising super funds on manager selection, asset allocation and risk. Comparable to Milliman's institutional advisory book in the Australian super market.
- Russell Investments: Russell Investments runs multi-asset strategies, managed accounts, and consulting for Australian institutional investors. Directly overlaps with Milliman's investment solutions and managed account services.
Broad incumbents
- Vanguard Australia: Dominant low-cost index and managed-account provider in Australia. Competes with SmartShield on retail managed accounts where price sensitivity is high.
- PIMCO Australia: Global fixed income and multi-asset manager with Australian institutional mandates. Comparable to Milliman on multi-asset strategies with risk-management overlays.
- BlackRock Australia: Global asset manager with significant Australian presence, offering ETFs (iShares), managed accounts, and risk-management solutions. Overlaps with Milliman on managed accounts, ETFs, and rebalancing/dynamic hedging overlays.
- State Street Global Advisors: Global asset manager with Australian institutional business including ETFs, multi-asset, and currency-hedging strategies. Comparable in overlay and managed-account offerings.
Emerging players
- Dimensional Fund Advisors (DFA Australia): Systematic/evidence-based asset manager with growing Australian adviser-channel presence. Competes with SmartShield in adviser-led managed account portfolios.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Milliman Australia social profiles
Digital presenceMilliman Australia compliance and trust
Trust signalCompliance3 records
Milliman Australia financial estimates
Financial estimateRevenue estimate
Valuation estimate
Milliman Australia leadership team
Management profileNumber of profiles
Profiles3 records
Milliman Australia funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Milliman Australia M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Milliman Australia
What does Milliman Australia do?
Milliman Australia provides actuarial consulting, investment advisory, hedging and risk management services to institutional clients (superannuation funds, insurers, reinsurers, ETF managers). It also designs and distributes managed account products — most notably the SmartShield series with built-in dynamic futures-based risk management — to retail investors through the HUB24 and Netwealth platforms and financial advisers. The firm manages over $240 billion of global assets under advisory, hedging and consulting.
Is Milliman Australia a public or private company?
Milliman Australia is a private company. It is classified as management employee owned and is currently operating.
When was Milliman Australia founded?
Milliman Australia was founded in 1947. It employs 1 to 10 people.
Where is Milliman Australia based?
Milliman Australia is headquartered in Sydney, Australia, in the Oceania region.
How does Milliman Australia make money?
Three revenue lines are on record. Actuarial and Risk Consulting Services are the primary driver. The others are investment Advisory and Management Services and managed Account Products.
Who are Milliman Australia's main competitors?
Direct peers on record are Willis Towers Watson (WTW), Mercer Australia, JANA Investment Advisers, Frontier Advisors and Russell Investments. Broad incumbents are Vanguard Australia, PIMCO Australia, BlackRock Australia and State Street Global Advisors. Dimensional Fund Advisors (DFA Australia) is listed as an emerging player.
Does Milliman Australia have an API?
No public API is recorded for Milliman Australia.
What industry is Milliman Australia in?
Milliman Australia's product category is Actuarial Consulting. Its primary akta.pro industry code is FSANAGAL, Managed Account / SMA Multi-Manager Platforms, with a secondary code of FSAAAGAB, Pension Master Trusts, Superannuation & Provident Funds. Its NAICS code is 523940 and its SIC code is 6282.