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’.
AUTHOR
Chris Dastoor
Recommended for you
Clime Investment Management has sold a portion of its retail client book to an external financial planning practice for $1.6 million in its latest cost-out move.
In his inaugural address as L1 Group chief executive, Julian Russell has outlined his vision and priorities for the newly-merged $16.7 billion business but warned fund outflows will continue for 18 months.
Ten Cap has announced it will launch its first active ETF on the ASX later this month, expanding retail access to its flagship Australian equities strategy.
Flows into cash and fixed income ETFs rose by 46 per cent in October with investors particularly demonstrating a preference for Australian credit ETFs as they move away from AT1 bank hybrids.
