At the end of 2020, Netwealth had $38.8 billion in funds under administration (FUA), an increase of 36.1% ($10.3 billion) from the previous corresponding period ( pcp).
There were $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 of December 31 stood at $9.3 billion, up 15.5 percent (or $1.3 billion) for the most recent quarter. Over the three months, there were net FUM inflows of $700 million and market movements of $500 million.
Meanwhile, the managed accounts segment performed strongly, with a balance of $7.6 billion up 74.1 percent on PCP. There were net flows of $3.2 billion for the year 2020, an increase of 63.9 percent.
While the impacts of COVID-19 have shaken the stability of global markets, Netwealth said it expects to benefit from ongoing consolidation and change in the sector.
The wealth management platform forecasts net FUA inflows of between $8.5 billion and $9 billion, a healthy increase from its previous expected inflows of $8 billion.
Netwealth managed to record the industry’s highest FUA net inflows of $9.5 billion for the 12 months to September 30.
The company is the seventh largest platform provider in the market, with a market share of 4.1 percent, up 1.2 percent in the year to September 30. Ahead of him are BT/Westpac, AMP, CBA/Colonial, NAB/MLC and IOOF Group.
Netwealth appears to be ahead of smaller platform providers such as HUB24 and Xplore Wealth.
BT/Westpac had the largest market share, with 18.5 per cent.
But Netwealth claims to be the fastest-growing platform operator in terms of net inflows in the 12 months to September, growing 38%.
Separately, group chairman and director Jane Tongs has retired, with plans to leave following the release of Netwealth’s half-year results on February 17.
Tim Antonie, another board director, will replace Ms Tongs as chair. He has worked at the company since 2015.
Ms Tongs has been President of all Netwealth companies since its inception over 20 years ago. His decision was reportedly based on his belief that board renewal is a key governance issue and that it was time to hand over the baton.
Affirmative Investment Management partner Kate Temby has also been appointed as a new independent non-executive director.
