Netwealth reports bumper quarter as FUA lifts 11%

Netwealth has reported a $2.1 billion increase in funds under administration for the March quarter, its largest quarterly increase since listing on the ASX in November 2017.

In providing its March quarterly business update to the ASX, Netwealth’s FUA stood at $21.1 billion as of 31 March 2019.

Netwealth’s FUA net inflow for the March 2019 quarter was $0.9 billion, with market movement accounting for a further $1.2 billion increase.

Compared with the March 2018 quarter, Netwealth’s FUA rose by $5 billion, a 31.5 per cent increase.

“During the past six months, an unprecedented number of new advisers have selected Netwealth as their preferred platform and our new business pipeline continues to grow and will convert to inflows throughout 2019 and beyond,” Netwealth said.

“The fourth quarter is typically the strongest quarter for net flows and we expect this trend to continue this year. We expect FY2019 FUA net inflows to exceed FY2018 FUA net inflows of $4.166 billion, subject to the timing of client transitions continuing as expected and our forecast organic growth.”