Netwealth recorded a 30.4 per cent growth in FUM over the year ending March 2019, according to Strategic Insight, well ahead of the other top 10 platforms in terms of FUM.
Macquarie was the only other platform to record double-digit growth at 10 per cent over the past year.
Other platforms to record significant annual growth include Mercer (5.3 per cent), Colonial First State (5.1 per cent), IOOF (5.1 per cent), AMP (4.2 per cent) and BT Financial (2.6 per cent).
Of the other top 10 platforms, StatePlus recorded 2.1 per cent annual growth, while NAB/MLC recorded 0.7 per cent growth in FUM. ANZ was the only top 10 platform to record a decrease in FUM with a fall of 0.8 per cent.
Retail managed funds ended the year to March up 5.5 per cent to total $945.2 billion. During the March quarter, they rebounded 5.7 per cent as underlying global investment markets recovered from their late 2018 sell-off, said Strategic Insight.
I’m amazed investors back into hub24 and netwealth of back of a statement from Hub24, that said “nothing.” It was defensive marketing spin, and read like a quote from the website of any platform in this country. I would have thought an actual earnings update may be the minimum standard to satisfy investors. MMMMMM ????
I’m amazed AMP went up
I wonder how Netwealth and hub24 will perform now that the industry is waking up to their ‘cash’ grab. Why does it take the media experts so long to wake up to facts. Objective fact based investigation and reporting of products before market forces or external shocks reveal the issues would drive a more competitive and transparent industry.