Business
Netwealth adds $4.8b as wealth platforms rally – The Australian Financial Review
Funds under administration came in at $38.8 billion at December 31, indicating record growth for the ambitious fintech during the pandemic.
Shares in Netwealth jumped $1.87 to $17.73 on Thursday. The market update follows archrival Hub24 unveiling a personal best of $1.7 billion in net inflows for the December quarter, triggering a market rally that resulted in a record share price of $24.78.
“Netwealth expects to benefit from ongoing industry consolidation and change,” the statement said.
“For financial year 2021, the pipeline of new business and transitions remains strong. The impacts of COVID-19, however, continue to adversely impact…
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