Netwealth reaches record $139.2B in FUM for Q3

• Funds under administration increased by $3.4 billion in the September quarter to reach a record $139.2 billion.
• The business added $3.6 billion in net flows, while quarterly fund under management net flows reached a record $2.4 billion.
• Growth was driven by expanding account numbers and the rollout of new product features and strategic acquisitions.

Netwealth Group (ASX:NWL) increased its total funds under administration by $3.4 billion during the September quarter to reach a record total of $139.2 billion.

The 2.5% quarterly rise builds upon steady operational momentum and represents a 15.2% expansion compared to the prior corresponding period.

The platform delivered $3.6 billion in fund under administration net flows for the quarter, excluding $0.4 billion in pension payments and $0.6 billion in two institutional outflows.

Netwealth added 3,822 net new accounts and 21 financial intermediary relationships during the period, bringing total accounts to 186,098.

Following the announcement, the Netwealth Group share price was unchanged at $16.76.

The quarterly expansion was further supported by the introduction of Payday Super legislation on July 1, which drove superannuation inflows up 16.8% to $2.7 billion.

Market movements also contributed $0.8 billion to overall administrative funds as the business executed strategic initiatives, including its acquisition of Paradino.