Netwealth has moved past the $15 billion funds under management and administration (FUMA) mark after significant inflows into its non-institutional, private client and wealth management divisions.
Netwealth’s most recent announcement means a $756.5 million increase for the present financial year, as well as a 24.5 per cent ($219.5 million) increase in the company’s managed account service.
According to Netwealth managing director Matt Heine, this development shows how Netwealth’s managed account and platform technology has succeeded in expanding the company’s reach.
“The speed at which we’re growing is a testament to the consistent and successful execution of our growth strategy, which is supporting our continued and enhanced profitability,” Mr Heine said.
Aside from Netwealth’s FUMA growth, Mr Heine also confirmed the addition of three new private label managed accounts in July and in August.
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...