Netwealth records strong result
Non-institutional platform provider, Netwealth, has exceeded $10 billion in funds under management (FUM) for Q1 of the financial year.
Netwealth cited its 11 per cent ($1 billion) increase for the quarter was thanks to continued inflows and growth across private client and wealth management sectors.
Joint managing director, Matt Heine, said: "In addition to strong FUM growth [we] have seen the launch of our new brand and many exiting new initiatives, including a wide range of new efficiency enhancements, continued development of our fintech ecosystem and the launch of our global managed account service".
Heine noted the industry was undergoing a number of major structural changes that led to a significant shift in the use and growth of manage accounts.
"In addtion to strong take up of our public managed account menu we now support 10 private labels and will be launching another five in coming months," he said.
AUTHOR
Hope William-Smith
Recommended for you
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
Fund managers are entering 2025 with the most bullish sentiment since August 2021 and record high allocations to US equities, thanks to the incoming Trump administration.
