Wealth net spreads

FINANCIAL management software firm Netwealth Group has made a stellar debut on the ASX, with its shares climbing almost 44 per cent on its first day of trading.

Netwealth stock closed up $1.62 at $5.32, compared to its offer price of $3.70 per share.

The firm provides a webbased platform to manage superannuation and other types of investment accounts for financial advisers and fund managers.

Netwealth, established by finance industry veteran Michael Heine (pictured) in 1999, made an initial public offering of approximately 71.3 million shares to raise about $264 million.

Some of those funds are tagged for expansion in a part of the financial services industry traditionally dominated by major banks and institutions.