Challenger wealth manager Netwealth has made a loss of £5.02 million according to its most recent set of accounts, as the 2016-launched business beefed up its team.

This loss for the year ending 31 March 2019 was a 24.2 per cent increase on the £4.04 million recorded for the prior year.

The discretionary wealth manager’s turnover more than doubled, from £212,500 in 2017/18 to £438,500 in 2018/19.

But this momentum was offset by a 28 percent or £1.21 million increase in administrative costs (to £5.48 million). Just under £700,000 of this increase could be attributed to a larger staff bill, which grew t...