Netwealth's (ASX:NWL) FUA jumps 12% for June quarter

Company News

by Melissa Darmawan

Wealth platform provider Netwealth (ASX:NWL) released June quarter results with figures showing a 12 per cent rise in funds under management (FUA) and a 102 per cent boost in inflows.

Total funds under management increased $1.2 billion over the quarter to $11.7 billion which is a 11.9 per cent jump an increase of $4.5 billion to the prior corresponding period (PCP). The digital fintech provider posted a $47.1 billion in FUA following from their $41.8 billion lift in March and a 49.6 per cent increase to the previous corresponding period (PCP).

The sixth largest platform provider saw inflows pick up for the quarter of $3.1 billion, up from $2.3 billion in March and a 102 per cent increase to the PCP. Their largest licensee accounted for around 12 per cent of inflows.

Meanwhile, their managed accounts balance grew $4 billion to $9.8 billion while inflows in this space took a breather to $741 million from $889 million in March. In their managed fund's area, inflows has almost doubled to $56 million from $32 million.

Over the quarter, they saw a 5.8 per cent rise over the quarter to 97,319 for new member accounts.

Shares in Netwealth (ASX:NWL) are trading 1.47 per cent higher at $16.24.

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