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Netwealth cashes in on industry transformation
Netwealth cashes in on industry transformation
The platform provider saw funds under administration soar over the 2020 calendar year, saying it expects to continue benefiting from consolidation in the advice sector.
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As at the end of the 2020 year, Netwealth had $38.8 billion in funds under administration (FUA), a 36.1 per cent rise ($10.3 billion) on the prior corresponding period (pcp).
There had been $2.6 billion in net inflows for the December quarter, contributing to its FUA net inflows of $9.2 billion for the 2020 calendar year.
Funds under management as at 31 December were $9.3 billion, rising by 15.5 per cent (or $1.3 billion) for the final quarter. During the three months, there had been FUM net inflows of $700 million and market movement of $500 million.
Netwealth chair steps down 21 January 2021
The chair of Netwealth has passed the torch as Australia’s wealth industry faces down a period of “significant consolidation and transition”.
Jane Tongs will retire as chairman of Netwealth, citing her belief that board renewal is a key governance matter and that it is “time to pass the baton”. Ms Tong has served as chairman of all Netwealth companies since its foundation more than 20 years ago, providing “strong leadership throughout her tenure with a strong focus on governance, risk and financial stability”.
“My 20 plus years at Netwealth have been extraordinarily rewarding to me in a professional capacity having overseen the growth of the business from a start-up to the substantial ASX 200 company that it is today. I have particularly enjoyed working with the joint managing directors Michael and Matt Heine, their outstanding team and wonderful staff,” Ms Tong said.