Netwealth Group said its funds under administration reached $88 billion as of June 30, an increase of $3.3 billion for the June quarter.

The growth includes funds under administration net inflows of $3.8 billion and a slight negative market movement of $500,000.

During the June quarter, funds under administration net inflows rose 38.7% compared to the previous quarter, reaching a record 12-month inflow of $22 billion.

Over FY24, Netwealth's funds under administration grew 25.2% or $17.7 billion, which comprises net inflows of $11.2 billion and positive market movements of $6.5 billion.

Netwealth also reported a 24.8% increase in custodial funds under administration to $87.6 billion.