Adviser platform Netwealth has recorded annual net inflows of $9.8 billion with funds under administration (FUA) exceeding $47.1 billion, as of the June 2021 quarter.
In its quarterly business update on the Australian Securities Exchange (ASX), FUA saw a 12.7% increase for the June 2021 quarter, which included market movement of $2.2 billion, and increase of $15.6 billion (49.6%) on the June 2020 quarter.
FUA net inflows for the quarter were up 102% compared to the June 2020 quarter, at $3.1 billion.
Funds under management (FUM) at the end of the quarter was $11.7 billion, a 11.9% compared to the previous quarter and 61.4% compared to June 2020.
There was $800 million worth of net inflows for FUM with $700 million of that being for managed accounts.
The managed accounts balance was $9.8 billion, a 69.7% increase compared to the June 2020 quarter.
Earlier this week, Netwealth retained its number one rating for platforms in the ‘Investment Trends June 2021 Planner Technology Report’.