Netwealth has reported a 13 per cent increase in funds under administration (FUA) for the December 2017 quarter following its successful listing on the ASX in October.
Investment and superannuation platform Netwealth has reported $15.4 billion in FUA as at 31 December 2017, up by 13 per cent for the quarter and up by 58 per cent for the 2017 calendar year.
Funds under management at 31 December 2017 was $2.4 billion, reflecting an increase of $435 million (22 per cent) for the quarter and $1.3 billion (109 per cent) for 2017.
The Netwealth managed account increased to $1.4 billion, up by 311 per cent throughout 2017.
Netwealth officially listed on the ASX on 20 November after raising $264 million at $3.70 per share. The company’s share price ended its first day of trading at $5.32 and was sitting at $6.36 on Friday, 19 January.
Net FUA inflows for the December 2017 quarter were $1 billion, according to a statement from the company.
Netwealth has also launched a mobile phone app with a “SMART” record of advice functionality as well as integrated banking feeds. The company has also hired an IT “scrum” team (consisting of three programmers, two business analysts and a tester), bringing its total IT staff to 61.
Joint managing director Matt Heine said: “We are really pleased with our continued growth, which is a testament to the broad appeal of our product range and the level of service that supports it.
“We are also really excited about a number of our new product and platform features, which we believe will have a meaningful impact on how advice is delivered now and in the future.”
A longer-term rethink of the merits behind the Commonwealth Bank’s demerger of its wealth management business could see it retained under ...
Macquarie Group is well placed for growth in its wealth management, according to Morgan Stanley, which expects the bank’s gross infl...
Westpac has made changes to its wealth management and leadership, with it expecting to save around $73 million. ...