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".

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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.

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