In a quarterly business update, Netwealth announced that its funds under administration (FUA) at 30 June 2018 was $17.86 billion, up $1.95 billion for the quarter and $5.2 billion for the 12 months to 30 June 2018.
The company, which listed on the ASX on 20 November 2017, also lifted its profit guidance to 6 per cent above the 2017–18 pro-forma net profit after tax prospectus forecast.
Net FUA inflow was $1.4 billion for the quarter and $4.2 billion for the entire financial year.
Netwealth’s quarterly net inflow was 16 per cent higher than the prior corresponding period.
Funds under management including the Netwealth Managed Account was $2.8 billion, up $284 million for the quarter and $1.3 billion for 2017–18.
Netwealth also announced it would be expanding its investment and distribution teams, along with the addition of an IT development team focused on data analytics and artificial intelligence applications.