Netwealth accelerates Xeppo acquisition

Netwealth has declared that it is accelerating its acquisition of financial advice and accounting tool Xeppo to help underpin the company’s approach to artificial intelligence (AI).

Netwealth has announced the move at the same time as reporting a record full-year net profit after tax of $83.4 million, up 24.1% over the previous financial year. The board declared a dividend of 28 cents per share.

Netwealth chief executive and managing director, Matt Heine said the accelerated acquisition of Xeppo aligned with the firm’s strategic focus in putting data at its heart.

“Xeppo is at the forefront of data management and analytics,” he said. “Further integration of the Xeppo capabilities to Netwealth accelerates our strategy and prepares us even better for an AI-driven fugure.

The company reported that funds under administration (FUA) stood at $88 billion at 30 June, representing 25.2% growth from the same last year, with total income of $255.2 million, up 18.9%.