Netwealth shares fall despite record FY inflows
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More news: Netwealth shares slid on the ASX despite the investment platform posting record inflows for the full year.
Shares dropped 2.8% to $21.29 by 12:15pm AEST, making it the second-worst performing stock across the ASX 200 during early trading.
Netwealth reports record FY inflows after strong June quarter
The news: Netwealth has reported a solid performance in the June quarter, helping the investment platform post a record inflows for the full year.
The numbers: The company reported $3.8 billion in net inflows for funds under administration (FUA) during the June quarter, nearly 39% higher than the previous quarter.
This lifted overall FUA inflows by a record $22 billion for the full year, to $88 billion on 30 June.
The context: The Melbourne-based financial services group said total managed accounts increased by 3.8% to 143,251 over the June quarter.
In addition to strong account growth, the company expanded and strengthened its new adviser and licensee relationships, and said new business pipeline and conversion rates across all segments remain strong.
Netwealth's strong showing has seen its shares jump nearly 60% over the past 12 months.
The source: ASX
