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
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
