Netwealth’s FUA increase $8.5 billion in a year
Netwealth has seen its funds under administration (FUA) grow by $8.5 billion to $55.7 billion in the 2022 financial year, an increase of 18.1%.
This was despite a 3.4% decrease of FUA of $1.9 billion for the June quarter following negative market movements of $4.7 billion.
Releasing its June quarterly update to the Australian Securities Exchange, Netwealth’s funds under administration were shown to have received record net inflows of $13 billion for FY2022, increasing by $3.2 billion or 32.4% from FY2021.
The financial services company’s managed account balance sat at $11.2 billion at 30 June 2022, an increase of $1.3 billion (13.6% increase) for FY2022.
Its funds under management at the end of FY2022 was $13.1 billion with a net inflow of $0.4 billion in the June quarter.
Netwealth said it had agreed to provide growth funding of up to $2.5 million to accelerate the ongoing development of the Xeppo data analytics and business management platform. Under the arrangement, Netwealth, which currently own 25%, has an option to buy 100% of Xeppo over the next four years.
Recommended for you
Failure to meet ESG compliance obligations can leave financial services directors walking a tightrope of risk, according to PwC, as ASIC urges firms to prepare for climate reporting.
The property group has announced the sale of its European funds management platform for $457 million as it looks to Australia and New Zealand for future growth.
Australian Ethical has announced it has entered into a binding agreement to acquire a sustainable fixed income manager, increasing its FUM by around $2 billion.
Russell Investments has appointed a new head of Asia-Pacific, six months after appointing Pete Gunning to the role.
