Netwealth’s FUA increase $8.5 billion in a year
Netwealth has seen its funds under administration (FUA) grow by $8.5 billion to $55.7 billion in the 2022 financial year, an increase of 18.1%.
This was despite a 3.4% decrease of FUA of $1.9 billion for the June quarter following negative market movements of $4.7 billion.
Releasing its June quarterly update to the Australian Securities Exchange, Netwealth’s funds under administration were shown to have received record net inflows of $13 billion for FY2022, increasing by $3.2 billion or 32.4% from FY2021.
The financial services company’s managed account balance sat at $11.2 billion at 30 June 2022, an increase of $1.3 billion (13.6% increase) for FY2022.
Its funds under management at the end of FY2022 was $13.1 billion with a net inflow of $0.4 billion in the June quarter.
Netwealth said it had agreed to provide growth funding of up to $2.5 million to accelerate the ongoing development of the Xeppo data analytics and business management platform. Under the arrangement, Netwealth, which currently own 25%, has an option to buy 100% of Xeppo over the next four years.
AUTHOR
Liam Cormican
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
