Netwealth reports growth in FUA

Netwealth has reported an increase of $2.1 billion in funds under administration (FUA) as at the end of March, which also marked its largest quarterly rise in FUA since its listing on the Australian Securities Exchange (ASX) in 2017.

The firm attributed such growth in the past six months to an unprecedented number of new advisers selecting it as their preferred platform.

Netwealth stressed that the fourth quarter was typically the strongest quarter for net flow and said it would expect this trend to continue this year.

Related News:

“We expect FY2019 FUA net inflow to exceed FY2018 FUA net inflows of $4.166 billion, subject to the timing of client transactions continuing as expected and our forecast organic growth,” the firm said in the statement released to the ASX.

The total FUA, which stood at $21.1 billion as at the end of March, saw net inflow in the March quarter of $0.9 billion while market movements accounted for a further $1.2 billion increase.

As at December 31, Netwealth managed to increase its market share to 2.3 per cent.

Earlier this month, the company announced that it had been selected as the preferred platform for ANZ Private.




Related Content

Pengana launches ASX listed investment trust

Pengana Capital Group has announced the launch of its Australian Securities Exchange (ASX) listed investment trust, the Pengana Private Equity Trust (...Read more

CBA puts demerger on hold

The Commonwealth Bank has decided to delay the demerger of its wealth management business to allow it time to complete its client remediation obligati...Read more

Metrics launches LIT on ASX

Metrics Credit Partners has launched its new listed investment trust (LIT), the MCP Income Opportunities Trust (MOT), on the Australian Securities Exc...Read more



Add new comment