Non-bank platform provider Netwealth's funds under administration has hit $16 billion thanks to net fund flows of $879 million, according to its latest quarterly update to the ASX.
Commenting on the announcement, Netwealth joint managing director Matt Heine noted that funds under management had risen by 231 per cent over the last 12 months.
“We are pleased with this strong result particularly given a seasonally slow January,” Mr Heine said.
He also pointed to Investment Trends’ February 2018 Managed Accounts Report, which showed Netwealth had become the most popular managed account platform among financial advisers.
Additionally, Mr Heine flagged a number of developments Netwealth would launch in coming months, including:
In late February this year, InvestorDaily sister title ifa reported that Netwealth saw a profit increase of 59.3 per cent, or $14.1 million for the first half of 2017-18, in its first public result since listing on the ASX in November 2017.