Netwealth’s FUA increase $8.5 billion in a year
Netwealth has seen its funds under administration (FUA) grow by $8.5 billion to $55.7 billion in the 2022 financial year, an increase of 18.1%.
This was despite a 3.4% decrease of FUA of $1.9 billion for the June quarter following negative market movements of $4.7 billion.
Releasing its June quarterly update to the Australian Securities Exchange, Netwealth’s funds under administration were shown to have received record net inflows of $13 billion for FY2022, increasing by $3.2 billion or 32.4% from FY2021.
The financial services company’s managed account balance sat at $11.2 billion at 30 June 2022, an increase of $1.3 billion (13.6% increase) for FY2022.
Its funds under management at the end of FY2022 was $13.1 billion with a net inflow of $0.4 billion in the June quarter.
Netwealth said it had agreed to provide growth funding of up to $2.5 million to accelerate the ongoing development of the Xeppo data analytics and business management platform. Under the arrangement, Netwealth, which currently own 25%, has an option to buy 100% of Xeppo over the next four years.
Recommended for you
Alphinity Investment Management and CSIRO have brought its responsible AI framework to the market, helping investors navigate AI alongside ESG principles.
The ASX board has appointed Wayne Byres as a non-executive director, who previously served as APRA chair for more than eight years.
Ahead of an upcoming fund launch focusing on mid-caps, OC Funds Management has welcomed a new portfolio manager to its investment team.
Almost 70 per cent of asset managers are planning to control costs via product rationalisation, according to a global survey by Northern Trust, as they seek to offer clients a best-in-class experience.
