Netwealth’s FUA hits $38.8b in 2020
Netwealth has announced that its funds under administration (FUA) have hit $38.8 billion at the end of December, 2020, which represented a record growth of $4.8 billion in the December quarter.
At the same time, FUA net inflows grew by $0.6 billion from the first quarter to $2.6 billion in the Q4 while FUA net inflows for the 2020 calendar year saw an increase of $2.4 billion (36.1%) to $9.2 billion.
Following this, managed accounts balance at the end of December stood at $7.6 billion and was 74.1% up compared to the previous corresponding period while managed account net flows for 2020 equalled $3.2 billion and showed an increase of $1.2 billion (63.9% up) compared to 2019.
Funds under management (FUM) increased to $9.3 billion and represented an increase of $1.3 billion for the December quarter.
The company said in the announcement made to the Australian Securities Exchange (ASX) that it was expecting to benefit from ongoing industry consolidation and change in the coming year.
“For FY2021, the pipeline of new busines and transitions remains strong. The impacts of COVID-19, however, continues to adversely impact the stability of global markets. Having regard to this uncertain environment and subject to the timing of transitions, the FY2021 FUA net inflows are expected to be in the range of $8.5 billion to $9 billion, an increase on previously advised expected annual FUA net inflows of $8 billion,” the firm noted.
Netwealth also said that according to Strategic Insights, it had recorded the largest FUA net inflows of $9.5 billion for the 12-month rolling period to 30 September, 2020.
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