Netwealth funds under administration (FUA) have passed $50 billion thanks to net inflows of $4 billion during the most recent quarter.
In an announcement to the Australian Securities Exchange (ASX), the firm said FUA grew by 10.2% during the three months to 30 September, an increase of $4.8 billion to $52 billion. This included net inflows of $4 billion and market movement of $0.8 billion.
It was a 52.7% increase from the previous corresponding period, some $17.9 billion.
Funds under management reached $12.6 billion, an increase of $0.9 billion for the quarter which included $0.7 billion in managed account net inflows. Total managed account assets were $10.7 billion.
In light of this, the firm upgraded its net inflow guidance for FY22 from $10 billion to $12.5 billion to reflect the “substantial” pipeline of new business.
“The ongoing structural changes within the financial services industry continue to support and increase Netwealth’s addressable market and growth opportunities,” the firm said.
“As a result of these changes, our pipeline for new business remains very strong across all market segments.”