• subs-bellGet the latest news! Subscribe to the ifa bulletin

Netwealth hits new high in FUM

Non-institutional platform provider Netwealth has reported it has now reached in excess of $8 billion in funds under management (FUM).

According to Netwealth, the funds have come from strong inflows across the IFA, private client and wealth management sectors.

"We are really pleased with how the platform is growing, and the increased adoption and awareness across the broader industry," joint managing director of Netwealth Matt Heine said.

"It's an exciting time for us, and we are seeing a large increase in new opportunities as advisers focus on building better, more efficient businesses and delivering better client outcomes.

"We have introduced a significant amount of new functionality into the platform this year, including the launch of our managed account service, which has been really well received by our clients across different segments of the market, including strong interest from traditional stockbroking and investment firms," he said.

Netwealth added that in addtion to the ongoing development of its platform, and the recent release of three private label managed accounts, it expects to release a further two private label managed accounts this year and another five in the first quarter of 2016.

"Additionally, the availability and growth of direct international equities on the platform since 2014 has been a major benefit to advisers and clients looking to diversify portfolios away from domestic equities and will be extended to provide managed international models early in the new year," a statement from Netwealth said.