Netwealth Group (ASX:NWL) has demonstrated significant resilience in its latest quarterly update, reporting a robust performance for the period ended March 31.
Despite a challenging economic landscape where the ASX All Ordinaries index fell by 3.7%, the Australian wealth management leader recorded total funds under administration of $125.8 billion, marking a 20.9% increase compared to the prior corresponding period.
The company’s growth was underpinned by inflow momentum. Total custodial FUA inflows reached $7.6 billion, a nearly 20% jump year-on-year.
Netwealth’s $4.0 billion in FUA net flows managed to successfully offset $3.7 billion in market movement declines, keeping the overall trajectory positive.
When excluding pension payments, net flows remained even higher at $4.3 billion.
The managed account sector also saw record-breaking activity, with trailing twelve-month net flows reaching $5.6 billion.
Investor confidence appears steady, as evidenced by the addition of 4,454 new accounts during the quarter, bringing the total to 176,675—a 13.4% rise over the previous year.
Furthermore, the firm expanded its reach by establishing 41 new intermediary relationships. While market volatility exerted pressure on funds under management, net flows in that segment remained strong at $1.3 billion.