Australia's Netwealth Group falls on weak outlook

Netwealth

19/01/2023 01:08

** Netwealth Group  NWL.AX  shares slump as much as 11.5% to
A$12.330 in their biggest intraday pct loss since Feb 16, 2022
    ** Wealth manager says sees FY23 funds under administration
(FUA) net inflows of about A$11 bln ($7.60 bln)
    ** Co had forecast FY22 FUA net inflows to exceed A$13.5 bln
last year
    ** Co posts FUA of A$62.4 bln at Dec 31, funds under
management (FUM) of A$14.4 bln
    ** Stock hits its lowest level since Jan 6
    ** Stock fell 31.6% in 2022
($1 = 1.4474 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))