Netwealth records strong result
Non-institutional platform provider, Netwealth, has exceeded $10 billion in funds under management (FUM) for Q1 of the financial year.
Netwealth cited its 11 per cent ($1 billion) increase for the quarter was thanks to continued inflows and growth across private client and wealth management sectors.
Joint managing director, Matt Heine, said: "In addition to strong FUM growth [we] have seen the launch of our new brand and many exiting new initiatives, including a wide range of new efficiency enhancements, continued development of our fintech ecosystem and the launch of our global managed account service".
Heine noted the industry was undergoing a number of major structural changes that led to a significant shift in the use and growth of manage accounts.
"In addtion to strong take up of our public managed account menu we now support 10 private labels and will be launching another five in coming months," he said.
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
