Netwealth FUA reaches $47b


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’.
Recommended for you
Bentham Asset Management has become the latest fund manager to expand its distribution team as it reports increased interest in its credit strategies.
L1 Capital, which is in talks to merge with Platinum Asset Management, has indicated it will be voting against a deal to convert a Platinum LIC into an ETF.
Evidentia Group has hired a head of quantitative investments who joins the investment firm and managed account provider from AMP.
Fidelity International has worked in tandem with Australian wealth manager Emanuel Whybourne & Loehr to launch an actively managed global equities strategy aimed at financial advisers.