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Netwealth reaches record FUM

Netwealth has announced it exceeded $9 billion in funds under management, a new record for the company as it continues to grow in the IFA, private client and wealth management sectors.

The milestone represents an increase of $1.6 billion in FUM and 22 per cent growth over the past year.

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

"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."

Mr Heine said platform flows can be attributed in part to Netwealth's growing managed account business. The company is now focused.

"We now support six private labels, will be launching another seven in the coming months and will also be releasing a direct international offering in conjunction with a specialist manager," he said.