Australia's Netwealth hits 15-month high on higher funds under administration

Netwealth

13/07/2023 02:11

** Shares of financial services co Netwealth Group  NWL.AX 
rise as much as 7.6% to A$14.780, their highest since April 4,
2022 
    ** Co says funds under administration (FUA) for June quarter
increased by A$4.4 bln to A$70.3 bln ($47.77 bln), with net
inflows of A$3.2 bln
    ** Says FUA increased 26.3% or A$14.6 bln for the year ended
June 20
    ** Ord Minnett says NWL provided a "solid" 4Q23 update,
achieving the mid-point its FY23 net flow outlook despite a
challenging macroeconomic environment
    ** Looking through near-term challenges, we remain firm
believers of structural change within the platforms sector, of
which NWL should be a major beneficiary - Ord Minnett
    ** As of last close, stock up 13.6% YTD

     ($1 = 1.4717 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))