Fund Manager Summary
The fund managers believe that the outlook for Netwealth Group Ltd is promising, particularly given its recent achievement of $100bn in funds under administration (FUA). In their opinion, this milestone underscores the company's operational advantage of scale and its position as a leading technology company in the wealth management sector. As Netwealth continues to capture market share from legacy incumbents, which are experiencing outflows of FUA, the fund managers see potential for significant growth. With only an estimated 9% market share currently, they suggest that a market share of greater than 20% is a reasonable target, reinforcing their confidence in the company's future prospects.
Source: Trading View
Commentary From The Managers
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Tyndall Asset Management
7 Nov 2025
$29.52
Summary
- Tyndall Asset Management initiated a position in Netwealth Group Ltd following the First Guardian issues.
- The fund manager sees structural growth opportunities in independent platforms as advisors shift away from aligned bank platforms.
- Netwealth's share price has decreased by 20% since the First Guardian incident, contrasting with Hub's 5% increase.
- Approximately $1.5 billion in market cap has been lost, while Netwealth’s potential worst-case exposure is estimated at $100 million.
- The company has a strong balance sheet, capable of handling the worst-case scenario, which is less than a year’s worth of after-tax profits.
- Macquarie's response to its exposure has led to a reduction in high-quality managers on their platform, creating a competitive advantage for Netwealth.
- Tyndall Asset Management believes that Netwealth stands to benefit from the dissatisfaction of financial advisors with current market conditions.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Tyndall Asset Management
7 Nov 2025
$29.52
- Tyndall Asset Management initiated a position in Netwealth Group Ltd following the First Guardian issues.
- The fund manager sees structural growth opportunities in independent platforms as advisors shift away from aligned bank platforms.
- Netwealth's share price has decreased by 20% since the First Guardian incident, contrasting with Hub's 5% increase.
- Approximately $1.5 billion in market cap has been lost, while Netwealth’s potential worst-case exposure is estimated at $100 million.
- The company has a strong balance sheet, capable of handling the worst-case scenario, which is less than a year’s worth of after-tax profits.
- Macquarie's response to its exposure has led to a reduction in high-quality managers on their platform, creating a competitive advantage for Netwealth.
- Tyndall Asset Management believes that Netwealth stands to benefit from the dissatisfaction of financial advisors with current market conditions.
Summary
Hyperion Asset Management
31 Oct 2025
$30.83
- Netwealth Group Ltd. (NWL) reported a record Q1 Custodial net inflow of $4.1bn, up 1.6% on the prior year.
- Total Custodial Funds Under Administration (FUA) reached $119.8bn after a positive market movement impact of $3.9bn.
- Member accounts grew by 3.2% quarter-on-quarter and 13.7% year-on-year, totaling 167,380 accounts.
- NWL announced a strategic partnership with FinClear, enhancing services for clients and expanding into the broker market.
- The broker market represents a $600bn FUA opportunity for NWL.
- NWL expects FY26 net inflows to be similar to FY25, projected at $15.8bn.
- Hyperion Asset Management continues to hold due to expectations of sustained strong FUA net inflow growth driven by a shift away from legacy platform providers.
Summary
Kardinia Capital
30 Sept 2025
$29.39
- Kardinia Capital notes that Netwealth fell 15% due to investor concerns.
- Concerns are primarily related to the company’s potential exposure to the collapse of the First Guardian investment funds.
- Macquarie Group has reached a $321m compensation deal with ASIC.
- There remains no clarity on Netwealth’s potential liability.
- Kardinia Capital continues to monitor the situation closely.
Summary
Antares Capital
30 Sept 2025
$29.39
- Antares Capital notes that shares have weakened due to ongoing market concerns regarding the fallout from the First Guardian issues.
- The focus has shifted to Netwealth Group Ltd (NWL) in light of potential liabilities or reputational risks.
- Macquarie's decision to refund its platform clients in full highlights the regulatory scrutiny in the sector.
- Antares Capital continues to monitor the situation closely as it may impact NWL's standing.
- The fund manager remains attentive to any developments that could affect NWL's investment thesis.
Summary
Infinity Asset Management
30 Sept 2025
$29.39
- Netwealth Group (NWL) remains an overweight position for Infinity Asset Management.
- NWL experienced a decline of -14.2% in September.
- The pullback was influenced by high valuations raising investor concerns.
- A significant factor was the failure and collapse of the First Guardian Master Fund, which NWL had exposure to.
- ASIC is conducting multiple investigations into the First Guardian Master Fund, a managed investment scheme.
- NWL's exposure is linked to its role as trustee of the Netwealth Super Fund.
- ASIC has recently sued Equity Trustees for alleged due diligence failures as trustee of the Shield Master Fund, another collapsed investment scheme.
Summary
Yarra Capital Management
30 Sept 2025
$29.39
- Yarra Capital Management continues to hold an overweight position in Netwealth Group (NWL).
- NWL is recognized as the leading independent wealth management platform.
- The stock underperformed following the release of its FY25 results.
- Despite this, there is strong flow momentum at the start of FY26.
- NWL has provided strong guidance for future performance.
- Concerns regarding high-profile managed investment scheme failures have affected market sentiment.
- Nonetheless, there remains a compelling long-term structural growth opportunity for NWL.
Summary
Glennon Small Companies
30 Sept 2025
$29.39
- Glennon Small Companies continues to hold their position in Netwealth Group Ltd (ASX: NWL) despite recent market volatility.
- Netwealth experienced a 14.18% decline in share prices, attributed to investor concerns.
- The decline occurred despite strong quarterly growth in funds under administration (FUA).
- Investor fears were heightened due to potential exposure to collapsed superannuation funds Shield and First Guardian.
- Concerns regarding regulatory and reputational fallout emerged, although Netwealth asserted it has sufficient reserves.
- Netwealth reported record FUA of $120.8 billion with strong net inflows.
- Valuation pressures and market uncertainty likely contributed to the recent sell-off.
- The company is positioned to benefit from long-term structural growth in the wealth management sector.
- September's performance highlighted investor sensitivity to short-term risks and elevated expectations.
Summary
Yarra Capital Management
31 July 2025
$37.53
- Netwealth (NWL, overweight) – continues to be recognized as the leading independent wealth management platform.
- Strong quarterly performance – recorded another strong quarter of net inflows, indicating robust demand.
- High quality, high growth business – Yarra Capital Management views NWL as possessing significant growth potential.
- Long pathway for growth – particularly through market share expansion, which is a key focus for the company.
Summary
Antares Capital
30 June 2025
$33.59
- Antares Capital notes that Netwealth (NWL) experienced significant challenges during the risk-off episode in April.
- The subsequent rebound in market sentiment towards longer duration, higher growth stocks like NWL contributed to an increase in share price.
- Market movements resulted in implied earnings changes, which can amplify fluctuations in stock performance.
- In risk-off environments, multiples contract and funds under administration decrease, exacerbating the situation.
- Conversely, during market rallies, the opposite effect occurs, leading to potential growth.
- Despite these fluctuations, Antares Capital believes this market noise obscures the underlying secular growth potential of the business.
Summary
Yarra Capital Management
30 June 2025
$33.59
- Netwealth Group (NWL) is currently rated as overweight by Yarra Capital Management.
- During the period, NWL outperformed due to rising equity markets.
- The positive market conditions contributed to increased flows and upside to FY26 earnings estimates.
- Yarra Capital Management views NWL as a very high quality, high growth business.
- There is a long pathway of growth ahead for NWL, particularly through market share expansion.
Summary
Yarra Capital Management
31 May 2025
$31.81
- Netwealth Group Ltd (NWL) is considered a leading independent wealth management platform.
- The company outperformed during the month despite limited news flow.
- High growth and higher P/E names generally showed strong performance.
- Yarra Capital Management views NWL as a very high quality, high growth business.
- There is a long pathway of growth ahead for Netwealth.
- Yarra Capital Management continues to hold its position in NWL due to these factors.
Summary
Hyperion Asset Management
30 Apr 2025
$28.02
- Netwealth Group Ltd. (NWL) reported a record Q3 Custodial net inflow of A$3.5bn, reflecting a 28% increase compared to the prior year.
- Total Custodial Funds Under Administration (FUA) reached A$103bn despite a negative market movement impact of A$1.0bn for the quarter.
- Member accounts grew by 2.8% quarter on quarter and 12.9% year on year, totaling 155,738 accounts.
- In the Plan for Life industry analysis as of 31 December 2024, NWL achieved the second highest platform 12-month net flows.
- NWL holds a 6th largest platform position with an 8.5% market share, an increase of 1% over the past year.
- Despite market volatility, NWL reported no change in net inflow activity, similar to HUB.
- Hyperion Asset Management continues to hold NWL due to expectations of sustained strong FUA net inflow growth, driven by a structural shift away from challenged legacy platform providers.
Summary
Yarra Capital Management
30 Apr 2025
$28.02
- Netwealth (NWL, overweight) is a leading independent wealth management platform.
- Outperformed during the period following its quarterly update.
- Reported $3.5 billion in net flows for the quarter, an increase of 29% compared to the prior period.
- NWL is expected to continue delivering strong revenue growth in the foreseeable future.
- The company is capturing an outsized level of funds under administration as Australia’s wealth management industry fragments.
- Yarra Capital Management believes that the company's multiple for FY26 does not reflect its long-term growth opportunities.
- High incremental margins, conservative accounting, and strong cash flow generation support this view.
Summary
Hyperion Asset Management
31 Jan 2025
$31.55
- Netwealth Group Ltd. reported record quarterly net inflows of A$4.5bn, a 69.8% increase year-on-year, surpassing the previous record of A$4.0bn.
- Total 12 month FUA inflows reached A$27.3bn, with net inflows of A$15.0bn, representing a 57.2% increase year-on-year.
- Market movements contributed A$1.7bn, bringing total FUA to A$101.6bn, a 30.2% increase year-on-year.
- In the latest Plan for Life analysis, Netwealth held the second highest platform net fund flows for the year ending September 2024, capturing 8.2% market share.
- Fee paying percentage of FUA decreased by 50bps to 61.1% quarter-on-quarter.
- Cash transaction account balance was 5.5% of custodial FUA at December 31, 2024, down from 5.9% in September 2024.
- Management anticipates seasonally lower flows in 3Q25 but remains confident in the inflow outlook for the rest of FY25.
- Hyperion Asset Management continues to hold its position due to these strong inflow trends and market share gains.
Summary
Yarra Capital Management
31 Dec 2024
$28.75
- Netwealth (NWL, overweight) is the leading independent wealth management platform.
- NWL outperformed despite no company-specific news.
- Strong revenue growth is expected to continue in the foreseeable future.
- The company is capturing a significant level of funds under administration as Australia’s wealth management industry shifts away from historically dominant players.
- The current multiple for FY25 does not reflect Netwealth's long-term growth opportunities.
- High incremental margins and conservative accounting contribute to a strong financial position.
- Netwealth demonstrates strong cash flow generation.
Summary
Oracle Advisory Group
31 Dec 2024
$28.75
- Oracle Advisory Group updates their investment thesis on Netwealth Group Ltd.
- Netwealth has demonstrated significant operational advantages of scale, reaching $100bn in funds under administration (FUA).
- The company operates as a technology platform focusing on wealth management, investments, and superannuation.
- Netwealth is successfully increasing its market share by taking business away from legacy incumbents that are experiencing outflows of FUA.
- Despite reaching the milestone of $100bn, Netwealth holds only an estimated 9% market share in the industry.
- Oracle Advisory Group believes that capturing a market share greater than 20% is a reasonable possibility.
Summary
Yarra Capital Management
31 Oct 2024
$27.69
- Netwealth Group Ltd (NWL) continues to be viewed favorably by Yarra Capital Management with an overweight stance.
- Strong quarterly update showcased an acceleration in gross inflows, achieving 51% year-on-year growth to reach $7 billion.
- Yarra Capital Management believes NWL will continue to deliver strong revenue growth as the wealth management sector fragments.
- The company is projected to capture an outsized level of funds under administration away from historically dominant firms.
- NWL's FY25 valuation is not reflective of its long-term growth prospects, characterized by high incremental margins, conservative accounting, and strong cash flow generation.
Summary
Hyperion Asset Management
31 Oct 2024
$27.69
- Netwealth Group Limited reported strong net inflows of $4bn (+93.5% on pcp) and positive market movement of $3.4bn.
- Platform Funds Under Administration (FUA) increased to $95.4bn (+32.6% on pcp), driven by record inflows of $7.4bn (+51% on pcp).
- Total number of accounts rose by 13.6% YoY to 147,165, reflecting heightened industry activity.
- Gross outflows as a proportion of FUA improved to 3.4%, down from 3.7% in Q1 FY24.
- Management noted that administration fee revenue increased due to positive market movements, but tiered fee structures and lower cash percentages diluted revenue growth.
- Netwealth announced the acquisition of Flux for $2.46m, enhancing connections with younger clients in the Emerging Mass and Emerging Affluent segments.
- Appointment of Hayden Stockdale as new CFO, effective late November, bringing extensive prior experience.
- Management guided a strong net inflow outlook for FY25, with significant transitions already underway from FY24.
Summary
Yarra Capital Management
30 June 2024
$21.61
- Netwealth Group Ltd (NWL) is positioned as the leading independent wealth management platform.
- The platform has had a positive contribution during the period despite no price sensitive news.
- NWL is expected to continue delivering strong revenue growth as Australia’s wealth management industry fragments.
- The company is capturing an outsized level of funds under administration.
- Yarra Capital Management believes that the company’s multiple for FY25 does not reflect its long-term growth opportunity.
- NWL exhibits high incremental margins, conservative accounting, and strong cash flow generation.
Summary
Oracle Advisory Group
31 Dec 2023
$15.53
- Oracle Advisory Group updates their investment thesis on Netwealth Group Ltd.
- Netwealth has high and growing operating margins.
- High return on invested capital is a key strength.
- The company is riding a long-term growth trend.
- Netwealth is a disruptor of incumbents within the wealth management industry.
- Since the Banking Royal Commission, Netwealth and HUB24 have gained significant market share.
- Currently, both companies hold only 7.5% of the market share each, indicating room for further growth.
- Oracle Advisory Group believes Netwealth will continue to grow its AUM at a strong rate.
- Anticipates increased margins through operating leverage.
- As a founder-led firm, Netwealth has organically grown into a $3.6bn company.
- Netwealth's metrics are considered superior to HUB24, influencing the decision to include it in the portfolio.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"A $100bn milestone may just be the tip of the iceberg for Netwealth, as it appears poised to disrupt the status quo. With incumbents bleeding market share, the potential for capturing over 20% seems not only plausible but inevitable."
Last Updated: 07 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Netwealth Group Ltd (ASX:NWL)?
Fund managers including Oracle Advisory Group, Yarra Capital Management, Antares Capital, Hyperion Asset Management and Kardinia Capital have invested in Netwealth Group Ltd (ASX:NWL).
Why do fund managers invest in Netwealth Group Ltd?
Fund managers are investing in Netwealth Group Ltd due to its significant operational scale, having surpassed $100 billion in funds under administration (FUA). As a technology-driven platform for managing wealth and investments, Netwealth is effectively capturing market share from traditional competitors, who are experiencing outflows. With only about 9% market share currently, there is considerable growth potential, with fund managers anticipating a realistic target of over 20% market share in the future.
What happened to Netwealth Group Ltd (ASX:NWL)?
Fund managers are investing in Netwealth Group Ltd (NWL) due to its strong performance as a leading independent wealth management platform, highlighted by significant net inflows and a robust growth trajectory. Despite recent concerns regarding potential liabilities from the First Guardian investment fund collapse, NWL has demonstrated resilience with record custodial net inflows and a strategic partnership aimed at expanding its market share. The company is viewed as having a compelling long-term growth opportunity, supported by ongoing structural shifts in the wealth management industry.