Australia's Netwealth Group faces worst day in more than 6 months on fund outflows

Netwealth

19/10/2023 01:21

** Shares of Netwealth Goup Ltd  NWL.AX  fall as much as
9.1% to A$13.440, on track for worst day since April 3 if
current losses hold
    ** Financial services co says outflows of funds under
management were A$2.68 bln ($1.70 bln) for Sept qtr, up from
A$1.72 bln a year earlier
    ** Says its clients are partially withdrawing funds to
invest in off-platform investments, including term deposits and
other fixed income investments
    ** Stock hits lowest level since July 14
    ** Stock up 22.2% YTD, as of last close
    
($1 = 1.5800 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.GovindRao@thomsonreuters.com))