Netwealth’s latest quarterly update to the ASX revealed net fund flows of $879 million, bringing its funds under administration to $16 billion.
Commenting on the announcement, Netwealth joint managing director Matt Heine noted that funds under management had risen by 231 per cent over the last 12 months.
“We are pleased with this strong result particularly given a seasonally slow January,” Mr Heine said.
He also pointed to Investment Trends’ February 2018 Managed Accounts Report, which showed Netwealth had become the most popular managed account platform among financial advisers.
Additionally, Mr Heine flagged a number of developments Netwealth would launch in coming months, including:
- A new range of “low cost, indexed managed account models” to launch later in April
- An updated Netwealth reporting suite and report range
- Upgrades to the Netwealth IOS and Android apps
- Additional strategies and expansion of the retail and private label managed account service
In late February this year, Netwealth reported a profit increase of 59.3 per cent, or $14.1 million for the first half of 2017-18, in its first public result since listing on the ASX in November 2017.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all