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.
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