Platform tech and managed accounts drive Netwealth FUMA
Netwealth has exceeded $15 billion in funds under management and administration (FUMA) thanks to its growth of its managed account and platform technology.
For this current financial year, the firm’s FUMA has increased $756.5 million and its managed account service has increased by $219.5 million, or 24.5 per cent.
Netwealth said the result followed strong inflows and continued growth across non-institutional, private client, and wealth management sectors.
Netwealth’s joint managing director, Matt Heine, said over the past 12 months its FUMA had grown by more than $5.2 billion off the back off its offerings and clear focus on delivering leading technology, and a service at a competitive price.
“The speed at which we’re growing is testament to the consistent and successful execution of our growth strategy, which is supporting our continued and enhanced profitability,” Heine said.
Heine noted that Netwealth would be adding more managers to its managed account service during the second half of 2017.
“…we continue to support increased adviser demand for managed accounts and ensure we meet the needs of a wider range of customers,” he said.
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