Netwealth has posted net inflows of funds under administration of $2.9 billion for the December 2019 quarter, an increase of $2 billion compared to the same period in the previous year.
Market movement in the December quarter accounted for a further $0.3 billion increase in FUA, Netwealth said in a statement to the ASX.
Netwealth FUA net inflows for the first half of financial year 2019-20 was at $4.4 billion, an increase of $2.4 billion (124.9 per cent increase) compared to the same period in FY18-19 and $2 billion (81.6 per cent increase) compared to the second half of FY18-19.
Overall FUA was at $28.5 billion at the end of 2019, an increase of $3.2 billion (12.6 per cent increase) for the quarter and $9.5 billion (50.2 per cent increase) for the year to December 2019.
Netwealth’s funds under management was at $5.7 billion at the end of 2019, an increase of $1.3 billion (29.4 per cent increase) for the quarter.
Meanwhile, Netwealth’s managed account was $5.7 billion at 31 December 2019, an increase of $1.3 billion (40.6 per cent) for the quarter, while managed account net inflows totalled $1.2 billion for the quarter.
“We are pleased with the strong growth of the business and value the diversity and support of the advisers and intermediaries we are working with,” said Netwealth joint managing director Matt Heine.
“The industry continues to fracture and restructure at a rate never seen before and we are committed to helping advice businesses navigate their way through the change by delivering insights, innovative technology solutions and superior service.”
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