Clicky

Netwealth lifts FUA by $1.95 billion in Q4

Netwealth’s funds under administration (FUA) has reached $17.96 billion after an increase of $1.95 billion in the fourth quarter and $5.2 billion for the fiscal 2018 year, the platform provider said.

The firm also lifted its full-year profit guidance to around 6 per cent above its pro-forma net profit after tax forecast made in its prospectus.

Market movement was positive $512 million for the quarter and $1 billion for fiscal 2018, Netwealth said.

Related News:

Funds under management stood at $2.8 billion, up 11 per cent for the quarter and 82 per cent over the year.

In the March 2018 Strategic Insights quarterly platform market update, Netwealth said it achieved the highest platform flows for the year ended March, gaining $4.6 billion of total net flows.

The platform provider also said it would be taking advantage of current favourable industry trends by increasing its investments in its distribution team, while also adding an additional IT development team focused on data analytics and artificial intelligence.

Netwealth said its administration fee for the quarter of 48.5 per cent of net flows was lower than recent quarters due to an increased proportion of net flows coming from higher-value wrap accounts where balances exceed the fee cap.




Related Content

Nanuk’s fund recognised by Morningstar

The Nanuk New World Fund has received a five star rating from Morningstar based on its three-year track record, which placed the fund second out of 19...Read more

Lonsec managed accounts added to Netwealth platform

At a time when financial advisers increasingly seek ways to implement professionally managed portfolios, Lonsec’s managed accounts solution has ...Read more

Netwealth posts strong half year results

Netwealth has posted strong half year results to 31 December 2018, with underlying earnings before interest, tax, depreciation and amortisation (EBITD...Read more

Comments

Add new comment