Netwealth Group top loser on benchmark after quarterly flows below forecast

Netwealth

03/04/2023 02:20

** Shares of Netwealth Group  NWL.AX  fall as much as 7.5%
to A$12.50 to emerge as the top loser on the benchmark bourse
 .AXJO 
    ** Stock is on track for its worst day since Jan. 19, if
losses hold
    ** Wealth manager says funds under administration (FUA)
increased by A$3.4 bln ($2.27 bln) for the March quarter to
A$65.8 bln  
    ** Co sees FUA net inflows guidance for FY23 to a range of
A$9 bln-A$11 bln, compared to earlier guidance of A$11 bln
    ** Brokerage Ord Minnett says NWL's reported net platform
flows of A$1.7 bln in third quarter are below their forecasts
    ** Ord Minnett says total number of accounts grew by 1.9%
over the quarter and 11% over the year which suggests near-term
flow outlook to be positive
    ** Peer Hub 24 Ltd  HUB.AX  falls 7.8%, hits lowest level
since Feb 15
    ** NWL has risen 11.7% this year, as of last close

($1 = 1.5004 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))