Netwealth Group (NWL) Trading Update summary

Executive summary

• Funds Under Administration (FUA) reached $95.4 billion at 30 September 2024, with a record quarterly increase of $7.4 billion, driven by $4.0 billion net inflows and $3.4 billion positive market movement.

• Record 12-month FUA inflows of $24.5 billion and record quarterly FUA inflows of $7.3 billion.

• Managed Account balance rose to $19.4 billion, up 10.4% for the quarter, with net inflows of $1.3 billion, a 58.7% increase from the previous quarter.

• Total accounts increased by 3,914 (2.7%) to 147,165 during the quarter.

Financial highlights

• Custodial FUA increased by 32.1% year-over-year to $94.9 billion; non-custodial FUA at $560 million.

• FUA net inflows for the quarter were 93.5% higher than the same quarter last year.

• Funds Under Management (FUM) reached $22.5 billion, up $2.0 billion for the quarter, with net inflows of $1.4 billion.

• Managed Account net inflows for the quarter were $1.3 billion, up 58.7% sequentially.

Outlook and guidance

• Strong growth in accounts and adviser relationships continues, with a robust new business pipeline and high conversion rates across all client segments.

• Several large group transitions are in early stages, supporting confidence in net inflows outlook for FY2025.

• Focus remains on platform enhancements and new features, including AI-driven portfolio summaries and expanded product offerings.