Netwealth reports growth in FUA
Netwealth has reported an increase of $2.1 billion in funds under administration (FUA) as at the end of March, which also marked its largest quarterly rise in FUA since its listing on the Australian Securities Exchange (ASX) in 2017.
The firm attributed such growth in the past six months to an unprecedented number of new advisers selecting it as their preferred platform.
Netwealth stressed that the fourth quarter was typically the strongest quarter for net flow and said it would expect this trend to continue this year.
“We expect FY2019 FUA net inflow to exceed FY2018 FUA net inflows of $4.166 billion, subject to the timing of client transactions continuing as expected and our forecast organic growth,” the firm said in the statement released to the ASX.
The total FUA, which stood at $21.1 billion as at the end of March, saw net inflow in the March quarter of $0.9 billion while market movements accounted for a further $1.2 billion increase.
As at December 31, Netwealth managed to increase its market share to 2.3 per cent.
Earlier this month, the company announced that it had been selected as the preferred platform for ANZ Private.
AUTHOR
Oksana Patron
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
