Netwealth passes $100bn FUA milestone
Netwealth has passed $100 billion in funds under administration (FUA) on its platform as it marks 25 years since its launch.
This comprised $99.5 billion in custodial FUA and $0.7 billion in non-custodial FUA.
At the end of September, the platform announced in its quarterly results that it had recorded its highest-ever quarterly growth with a $7.4 billion rise in FUA. This led FUA to stand at $95.4 billion, up from $88 billion in the June quarter.
The firm said it has received $6.6 billion in net inflows for the FY25 year-to-date as of 28 November.
This latest milestone comes 17 years after it reached its first billion dollars in FUA in 2007, and 25 years since the firm was founded by director Michael Heine.
To mark the anniversary, Netwealth has launched an improved online experience for financial advisers and investors. The new interface will provide a “modern, intuitive and interactive” experience for users.
This includes a new look portfolio page to display all essential client portfolio information on one page, enhanced information display, unified view across devices, faster processing and streamlined information to select client details.
Matt Heine, chief executive of Netwealth, said: “We are incredibly proud of what we have achieved as a business over the last 25 years but also the positive impact we have had on the industry, our employees, shareholders, the community and our clients.
“Twenty-five years ago, Netwealth was incorporated by our founder and director, Michael Heine, with a vision to create an innovative online wealth management platform.
“In 2007, eight years later, thanks to a number of early supporters, we achieved our first billion dollars of FUA and today, as we continue our mission to improve the financial futures of 1 million Australians, we are proud to administer 100 times that on behalf of our investors and Superannuation members.”
In October, Netwealth completed the acquisition of 100 per cent of enterprise software company Flux Corp for an upfront consideration of $2.5 million. The firm produces financial tools and content for the emerging mass and emerging affluent markets.
Commenting on the deal, Heine said: “It is a great addition to our business and provides a simple entry point to financial education for many Australians who often do not know where to begin their journey.”
The company has also made “significant progress” in integrating data management and analytics tool Xeppo since it was acquired on 12 August 2024, and is looking to explore further opportunities for growth.
AUTHOR
Laura Dew
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