Netwealth lands $850m platform deal

According to a statement, Netwealth will migrate more than $850 million across to Russell Investments – Wealth and Super Series.

Russell Investments will remain the investment manager of the assets on the new platform, which will also provides advisers and their end clients with access to term deposits, an integrated cash option and multiple insurance options.

“This is a very compelling offer for the Australian IFA market,” said Netwealth joint managing director Matt Heine.

“The new platform combines Netwealth’s market leading technology with Russell Investments’ award-winning multi-asset fund range.”

Siva Sivakumaran, Russell Investments managing director, private client services, said the partnership came in response to feedback from financial advisers.

“Independent financial advisers have a very high regard for the range of multi-asset solutions offered by Russell Investments. But we needed to make it easier for advisers to do business with us,” he said.

“This move follows a detailed review of platform options in the Australian marketplace. It was clear that Netwealth is very focused on providing innovative technology and is not only keeping pace with the industry, but leading it.”