Towards the end of 2020 Netwealth had $38.8 billion in assets under management (FUA), a 36.1 percent increase ($10.3 billion) from the prior corresponding period (pcp).

There were $2.6 billion in net inflows for the December quarter, contributing to FUA net inflows of $9.2 billion for the 2020 calendar year.

Assets under management as of Dec. 31 were $9.3 billion, up 15.5 percent (or $1.3 billion) over the last quarter. During the three months, there were net FUM inflows of $700 million and market movement of $500 million.

Meanwhile, the managed accounts segment performed strongly, with its balance sheet of $7.6 billion up 74.1% at PCP. There were net inflows of $3.2 billion for 2020, an increase of 63.9 percent.

Although the impact of COVID-19 has shaken the stability of global markets, Netwealth has signaled that it expects to benefit from continued consolidation and change in the industry.

The wealth platform forecasts FUA net inflows in the range of $8.5 billion to $9 billion, a fair increase from the previous estimated inflows of $8 billion.

Netwealth managed to record the industry's biggest net FUA flows of $9.5 billion in the 12-month period to 30 September.

The company is the seventh largest platform provider in the market with a market share of 4.1%, which increased by 1.2% in the year to 30 September. Ahead of it 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 share of the market at 18.5%.

But Netwealth claims to be the fastest-growing platform operator by net inflows in the 12 months to September, with 38 per cent growth.

In other news, chairman and group director Jane Tongs has retired with the intention of leaving after Netwealth's half-year results are published on 17 February.

Another board director, Tim Antony, will replace Ms. Tongs as chairman. He has been with the company since 2015.

Ms. Tongs has chaired all of Netwealth's companies since their inception more than 20 years ago. Her decision is reportedly based on her belief that board renewal is a key governance issue and that it is time to pass the baton.

Affirmative Investment Management partner Kate Themby was also appointed as a new independent non-executive director.

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

You can contact her at [email protected].