Netwealth expands Morgan Stanley mandate

Amid expanding its stockbroking and private wealth capabilities, Netwealth has been picked by Morgan Stanley to provide a platform solution to its Australian wealth business.

The new agreement will see Netwealth cater to Morgan Stanley's ASX-listed and domestic investments. This builds on Netwealth's existing relationship with Morgan Stanley.

A subset of Morgan Stanley's clients will have the option to transition their assets from Morgan Stanley's legacy domestic platform to Netwealth's one. Such clients will continue to be advised by Morgan Stanley financial advisers.

Morgan Stanley is the first major client win amid Netwealth's broader investment in stockbroking and private wealth management solutions.

This includes Netwealth integrating sponsored individual Holder Identification Number (iHIN) functionality on its platform, as well as expanding its broader private wealth offering, service model and governance framework.

The tailored solution for Morgan Stanley will provide a single technology, execution and administration platform for listed securities, managed accounts, managed funds, cash and term deposits. Clients will access consolidated portfolio, performance and tax reporting.

Netwealth chief executive and managing director Matt Heine commented: "The investment has underpinned the continued development of our product offering, including the delivery of Netwealth Private and individual HIN capability, alongside a platform designed to deliver scale, digital enablement, and a high -quality client experience that supports our adviser clients and their growth."

For the new financial year, Heine anticipates the group's funds under administration (FUA) to be between $18 billion and $20 billion - an increase of 17% to 30% on FY26 - "reflecting underlying momentum and new growth initiatives."

Netwealth reported total FUA of $125.8 billion at the end of March. Over the next four years, he wants FUA to double.

"We see a significant opportunity to continue to grow. We will continue to invest in a disciplined manner to capture the se opportunities, supported by a clear pipeline of initiatives with attractive returns. We remain focused on balancing growth and profitability, maintaining our financial discipline as we scale, and are excited by what the future holds," he said.