Matt Heine to succeed father at Netwealth

people moves

25 August 2022
| By Staff |
image
image
expand image

Netwealth has announced Matt Heine will assume sole duty as managing director with effect from 1 October.

Having been joint managing director alongside his father Michael Heine since 2015, it was announced in the firm’s annual results that, in accordance with its succession plan, Michael Heine will step back from day-to-day management, but remain as an executive director.

“My succession plan has been in place for a considerable length of time and this change is just one of the planned phases,” said Michael Heine. “I have great confidence that the executive team under the leadership of Matt is very well placed to lead and grow the company and build on the existing strategy which has been so successful to date.”

Commenting on the handover, Timothy Antonie, chairman of Netwealth, said: “While Michael will remain key to Netwealth’s future success, I take this opportunity to recognise his commitment and passion to an idea he formulated over 20 years ago which has revolutionised the wealth management industry and has led Netwealth being recognised as a leading player with over 500 employees.”

Within its annual results, Netwealth reported record funds under administration (FUA) of $55.7 billion, following an 18.1% increase, and net inflows of $13 billion, representing a 32.4% increase. This took its total FUA at June 30 2022 to $55.7 billion, an 18.1% increase.

The board also declared a dividend of 10 cents, taking the total ordinary dividend for the year ended 30 June to 20 cents.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 12 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 10 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 13 hours ago