Netwealth (ASX:NWL) upgrades guidance after hitting record inflows

Company News

by Melissa Darmawan

Wealth platform provider Netwealth (ASX:NWL) provided a bullish update to its net inflow guidance, after it attracted $4.0 billion funds under administration (FUA) for the September quarter.

For the financial year 2022, the platform provider boosted its net inflow guidance from $10 billion to $12.5 billion.

The upgrade to the company's guidance followed its record net quarterly FUA inflow, which currently sits at $51.9 billion. Funds under management grew to $12.6 billion for the quarter, up $901 million.

The company's managed account balance skyrocketed 63.6 per cent to $10.7 billion, a pop of $4.1 billion. The company also saw account numbers surge 5.1 per cent to 102,304, an increase of 4,985 accounts for the quarter.

Looking ahead, the company said that new business in the pipeline remains strong across all market segments.

Shares in Netwealth (ASX:NWL) are trading 17 per cent higher at $16.71.

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