This morning fast-growing funds platform provider Netwealth Group Ltd (ASX: NWL) revealed that it posted net inflows of $900 million in funds under administration (FUA) for the quarter ending March 31 2019.
Its FUA also grew by an additional $1.2 billion over the quarter due to market appreciation as stock markets enjoyed a bumper rebound over the first quarter of the calendar year.
In total it now has $21.1 billion in FUA, with the amount up 31% or $5 billion over the 12 month period to March 31 2019.
Netwealth also confirmed it has won a major contract from Australia & New Zealand Banking Group’s (ASX: ANZ) Private Wealth business that was previously held by platform providing rival Praemium Ltd (ASX: PPS).
For the fiscal year the group has now delivered $2.8 billion in FUA inflows to suggest the March quarter was slightly higher than the median of the prior two quarters.
The group also flagged that the final fiscal quarter is “typically the strongest” and it expects “to exceed FY2018 net inflows of $4.166 billion, subject to the timing of client transitions continuing as expected and out forecast organic growth”.
5 stocks under $5
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*Extreme Opportunities returns as of June 5th 2020
Tom Richardson has no position in any of the stocks mentioned.
You can find Tom on Twitter @tommyr345
The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Praemium Limited. The Motley Fool Australia owns shares of Netwealth. The Motley Fool Australia has recommended Praemium Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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