Netwealth FUA up 10.8% in June quarter
Advice platform Netwealth has posted a $2.3 billion increase in funds under administration for the June quarter at $23.3 billion.
According to a statement to the ASX, Netwealth’s FUA net inflows in the June 2019 quarter was at $1.5 billion, with market movement in the quarter accounting for the further $0.8 billion increase.
It posted a $5.4 billion increase in FUA for FY2019, up 29.9 per cent, while FUA net inflows were at $4.3 billion.
Netwealth had funds under management (including managed account) of $3.9 billion at 30 June, an increase of $1.1 billion (38.7 per cent) in FY 2019.
Managed account FUM was at $2.8 billion at 30 June, up $0.9 billion (50.4 per cent increase) in FY2019. For the June quarter, Netwealth had managed account net inflows of $0.3 billion and market movement of positive $0.1 billion.
Meanwhile, fee paying FUA percentage remained at 61 per cent for the June 2019 quarter.
“Netwealth is continued of continued FUA growth and has a strong pipeline of new business including new clients in the process of being transitioned during FY2020 and following years,” it said.
“Although pricing pressures persist, Netwealth has continued to gain market share whilst maintaining sustainable margins.”
Class action filed over grandfathered commissions
Major law firm Slater and Gordon has today filed a class action on behalf of 500...
AFSL forced to shut down robo-advice tool
A Sydney-based licensee has voluntarily shut down two digital advice tools follo...
Closing advice gap on ASIC’s radar for 2020
ASIC chair James Shipton says he is “acutely aware” of the growing shortfall...