First Xeppo, now Netwealth acquires Flux
Netwealth has made yet another growth acquisition, this time digital content firm, Flux Corp.
Netwealth announced the $2.46 million acquisition while releasing its quarterly update to the Australian Securities Exchange (ASX) today.
It follows on from Netwealth’s August acquisition of Xeppo.
Netwealth chief executive and managing director Matt Heine described the Flux acquisition as providing a simple entry point to financial education.
“As part of the intergenerational transfer of wealth a cross Australia more than $3.5 trillion will change hands over the next 20 years . It is important to us to enable our adviser and licensee network to engage with these new segments and the next generation of clients in new and innovative ways,” he said.
More broadly, the Netwealth update revealed a record quarter for Funds Under Administration (FUA) growth bringing FUA at 30 September 2024 of $95.4 billion.
It said FUA increased by $7.4 billion for the September quarter comprising FUA net inflows of $4.0 billion and positive market movement of $3.4 billion.
It said its Managed Account balance stood at $19.4 billion representing an increase of $1.8 billion for the quarter, a 10.4% increase. Managed Account net inflows of $1.3 billion for the September quarter, increased by $0.5 billion, 58.7% increase, to previous quarter.
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