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Netwealth hits $15bn FUMA

Netwealth has reached the $15 billion mark for funds under management and administration (FUMA), citing continuous growth among non-institutional and private clients and demand for its managed accounts offering.

Netwealth has seen an increase of $756.5 million for the current financial year, as well as a $219.5 million increase in the company’s managed account service for the same financial year, the company reported, pushing its FUMA upward.

Netwealth joint managing director Matt Heine said the figures mark a significant milestone for the fintech company.

“Over the past 12 months, we’ve seen our FUMA grow exponentially by more than $5.2 billion, underpinned by our strong offering and clear focus on delivering leading technology, supported by great service at a competitive price,” he said.