Quarterly highlights and outlook
• Funds Under Administration at 31 December 2020 of $38.8 billion, an increase of $4.8 billion (14% increase) for the December quarter including market movement of $2.2 billion…. An increase of $10.3 billion (36.1% increase) to PCP1 including positive market movement of $1.1 billion.
• FUA net inflows of $2.6 billion for the December quarter, an increase of $0.6 billion (33.7% increase) over first quarter. FUA net inflows of $9.2 billion for the 2020 calendar year, an increase of $2.4 billion (36.1% increase) to the 2019 calendar year.
• Funds Under Management at 31 December 2020 of $9.3 billion, an increase of $1.3 billion (15.5% increase) for the December quarter. For the quarter, FUM net inflows of $0.7 billion and market movement of $0.5 billion.
• Managed Account balance of $7.6 billion at 31 December 2020, an increase of $3.2 billion (74.1% increase) to PCP. Managed Account net flows of $3.2 billion for the 2020 calendar year, an increase of $1.2 billion (63.9% increase) to the 2019 calendar year.
• New product pricing announced in March 2020 was implemented on 1 January 2021. Clients have been progressively moving to new pricing since the announcement and those clients who had not already moved to new pricing have now been transitioned.
• Netwealth expects to benefit from ongoing industry consolidation and change. For FY2021, the pipeline of new business and transitions remains strong. The impacts of COVID-19, however, continues to adversely impact the stability of global markets. Having regard to this uncertain environment and subject to the timing of transitions, the FY2021 FUA net inflows are expected to be in the range of $8.5 billion to $9.0 billion, an increase on previously advised expected annual FUA net inflows of $8.0 billion
• Funds Under Administration at 31 December 2020 of $38.8 billion, an increase of $4.8 billion (14% increase) for the December quarter including market movement of $2.2 billion…. An increase of $10.3 billion (36.1% increase) to PCP1 including positive market movement of $1.1 billion.
• FUA net inflows of $2.6 billion for the December quarter, an increase of $0.6 billion (33.7% increase) over first quarter. FUA net inflows of $9.2 billion for the 2020 calendar year, an increase of $2.4 billion (36.1% increase) to the 2019 calendar year.
• Funds Under Management at 31 December 2020 of $9.3 billion, an increase of $1.3 billion (15.5% increase) for the December quarter. For the quarter, FUM net inflows of $0.7 billion and market movement of $0.5 billion.
• Managed Account balance of $7.6 billion at 31 December 2020, an increase of $3.2 billion (74.1% increase) to PCP. Managed Account net flows of $3.2 billion for the 2020 calendar year, an increase of $1.2 billion (63.9% increase) to the 2019 calendar year.
• New product pricing announced in March 2020 was implemented on 1 January 2021. Clients have been progressively moving to new pricing since the announcement and those clients who had not already moved to new pricing have now been transitioned.
• Netwealth expects to benefit from ongoing industry consolidation and change. For FY2021, the pipeline of new business and transitions remains strong. The impacts of COVID-19, however, continues to adversely impact the stability of global markets. Having regard to this uncertain environment and subject to the timing of transitions, the FY2021 FUA net inflows are expected to be in the range of $8.5 billion to $9.0 billion, an increase on previously advised expected annual FUA net inflows of $8.0 billion
– tailwinds trifecta: Mandated Super, market growth and consolidation.
