Netwealth shares jump after rise in funds under management
Make us a preferred source
Make us a preferred source on Google
More news: Shares in Netwealth Group climbed in afternoon trade after the financial services company reported a 19.4% increase in total custodian net flows, which offset market volatility experienced during the period.
Shares had risen 6% to $25.25 at 1:38pm AEST.
Netwealth posts 19.4% quarterly rise in funds under administration
The news: Netwealth Group has posted a total custodial net flows increase in funds under administration (FUA) of 19.4% for the March quarter, despite volatility in the broader market during the period.
The numbers: The financial services company reported quarterly positive FUA net flows of $4 billion, while total FUA stood at $125.8 billion as of 31 March, representing a 20.9% year-on-year rise.
Managed account net flows were 34.8% higher, at $1.2 billion, and the total number of accounts increased 13.4% year on year to 176,675.
The context: Netwealth stated that the total FUA net flows for the quarter had offset market turbulence, as it continued to benefit from ongoing inflows from existing financial intermediaries.
During the March quarter, the company noted the ASX All Ordinaries benchmark fell 3.7%, which resulted in a 3% reduction in FUA, however it held the average cash balance steady at 5.7% of custodial FUA.
The source: ASX
