Netwealth hits new FUA record and anniversary milestone

Australian platform provider, Netwealth, announced it has surpassed $100 billion in funds under administration (FUA) at the same time as it celebrates its 25th anniversary.

As of 28th November, the company’s FUA consisted of $99.5 billion of custodial funds and $0.7 billion of non-custodial funds.

Netwealth also said that its managed accounts solution had reached $20.6 billion, as uptake continues to grow industry-wide.

“Fittingly, today also marks the next evolution and launch of our new online platform experience which provides a modern, intuitive and interactive interface that will support the next chapter of our growth,” Netwealth CEO and Managing Director, Matt Heine, said.

“25 years ago, Netwealth was incorporated by our Founder and Director, Michael Heine, with a vision to create an innovative online wealth management platform.”

Netwealth first hit $1 billion in FUA in 2007, eight years after its launch. For the financial year-to-date, it has already recorded $6.6 billion in FUA net inflows.

“We are incredibly proud of what we have achieved as a business over the last 25 years but also the positive impact we have had on the industry, our employees, shareholders, the community and our clients,” Heine said.

“Importantly, none of this would have been possible without the incredible support and guidance of our clients and partners or the commitment and hard work of the amazing Netwealth team who I am incredibly grateful to, and who I would like to thank on behalf of my self, Michael Heine and the Netwealth Board.”