Powerwrap hits $6 billion Funds Under Administration

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Australian financial services company Powerwrap Limited yesterday reported that its Funds Under Administration (FUA) had reached $6 billion, an increase of $480 million in the last month and $1 billion in the last six months.

Powerwrap Managing Director Chris Brant said Powerwrap was consolidating its position at the forefront of the platform industry.

“Clients are responding to Powerwrap’s unique offering of a tailored, non-aligned service and recognising the benefits of having cost-competitive, convenient access to a comprehensive product suite across a range of asset classes,” he said.

“We are seeing continuing growth from existing clients as well as several new clients who have commenced the transition of funds onto the Powerwrap platform.”

Mr Brant said Powerwrap was implementing a number of platform enhancements and system improvements.

“We have listened to our clients and are investing substantial resources to ensure our platform meets their needs,” he said.

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