Netwealth doubles managed account FUM

Netwealth saw significant growth in its managed accounts offering during the first half of the 2018 financial year.

Reporting a 107% rise on the prior corresponding period, Netwealth’s suite of managed accounts now hold $1.4 billion in funds under management.

Listed on the ASX at the end of November 2017, the platform experienced a $2.7 billion increase in funds under administration for the first half. That 21% rise brings Netwealth’s total FUA growth over the 2017 calendar year to $5.7 billion – an increase of 58%.

The net profit after tax was recorded at $14.1 million, representing a 59.3% improvement on the $8.8 million achieved in the prior corresponding period.

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Source: Netwealth doubles managed account FUM | Financial Standard