Netwealth Group (NWL) Trading Update summary

Executive summary

• Funds Under Administration (FUA) reached $88.0 billion at 30 June 2024, up $3.3 billion for the quarter, with net inflows of $3.8 billion and a negative market movement of $0.5 billion.

• FUA net inflows for the June quarter were 38.7% higher than the previous quarter; FY2024 FUA increased by 25.2% or $17.7 billion year-over-year.

• Record 12-month FUA inflows of $22.0 billion; total accounts increased by 5,293 (3.8%) in the June quarter to 143,251.

Financial highlights

• Custodial FUA at $87.6 billion, up 24.8% year-over-year; non-custodial FUA at $448 million, up 255.5% year-over-year.

• Managed Account balance at $17.6 billion, up 29.4% from June 2023; managed account net inflows of $0.8 billion for the quarter, up 129.2% year-over-year.

• Funds Under Management (FUM) at $20.5 billion, up $0.8 billion for the quarter; FUM net inflows for the June quarter were $0.9 billion.

• Netwealth cash transaction account balance was 6.0% of custodial FUA at 30 June 2024.

Outlook and guidance

• Significant transitions commenced in Q4 FY2024, with early-stage transitions providing high confidence in net inflow outlook for FY2025.

• New adviser and licensee relationships and a strong new business pipeline support continued growth.