Digital wealth platforms report growing AUM, but have yet to see profits

WEALTH management platforms saw a bump in their assets under management (AUM) in 2023, as new product rollouts attracted more commitments, mainly from existing clients.

“With every new product line over the past 12 months, we’ve seen an incremental uplift in AUM,” said Gregory Van, co-founder and chief executive officer, Endowus.

Michele Ferrario, co-founder and chief executive, StashAway, said: “We saw quite significant AUM growth, particularly in the second part of 2023.”