Netwealth’s Fair Value Maintained at AUD 5.70 Despite Surprisingly Strong Second Quarter

Netwealth’s second-quarter update was surprisingly strong, with funds under administration, or FUA, rising by 50% versus the prior year to AUD 28.5 billion. This was much better growth than the previous four quarters, which achieved an average annualised FUA growth rate of 29%. FUA growth comprises net inflows and the increase in the market value of existing FUA. However, 90% of the FUA growth in the December quarter came from net inflows, which shows the platform remains in strong demand from clients.