Netwealth FUM hits $16bn
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.
ASIC confirms Endeavour, Linchpin wind up
The corporate regulator has confirmed orders from the Federal Court of Australia...
Former CBA adviser permanently banned
The corporate regulator has permanently banned a former Commonwealth Bank-aligne...
Hayne devalued financial advice, says AFA
The Association of Financial Advisers has called out the Hayne royal commission ...