Netwealth has announced Matt Heine will assume sole duty as managing director with effect from 1 October.
Having been joint managing director alongside his father Michael Heine since 2015, it was announced in the firm’s annual results that, in accordance with its succession plan, Michael Heine will step back from day-to-day management, but remain as an executive director.
“My succession plan has been in place for a considerable length of time and this change is just one of the planned phases,” said Michael Heine. “I have great confidence that the executive team under the leadership of Matt is very well placed to lead and grow the company and build on the existing strategy which has been so successful to date.”
Commenting on the handover, Timothy Antonie, chairman of Netwealth, said: “While Michael will remain key to Netwealth’s future success, I take this opportunity to recognise his commitment and passion to an idea he formulated over 20 years ago which has revolutionised the wealth management industry and has led Netwealth being recognised as a leading player with over 500 employees.”
Within its annual results, Netwealth reported record funds under administration (FUA) of $55.7 billion, following an 18.1% increase, and net inflows of $13 billion, representing a 32.4% increase. This took its total FUA at June 30 2022 to $55.7 billion, an 18.1% increase.
The board also declared a dividend of 10 cents, taking the total ordinary dividend for the year ended 30 June to 20 cents.
