Highlights

  • Canaccord Genuity has issued a Buy rating on Netwealth Group with a target price of AUD 33.90.
  • Netwealth reported total Funds Under Administration of AUD 120.8 billion as at 30 September 2025.
  • The September 2025 quarter delivered record net inflows of AUD 4.1 billion.

Netwealth Group Limited (ASX:NWL) has received a Buy rating from Canaccord Genuity, with the analyst assigning a target price of AUD 33.90. The rating might follow the release of Netwealth’s September 2025 quarterly business update, which outlined continued growth in funds under administration, net inflows, and platform activity across its wealth management operations.

Funds Under Administration Reach New Levels

Netwealth reported total Funds Under Administration of AUD 120.8 billion at 30 September 2025, representing an increase of 26.6% compared with the prior corresponding period. During the September quarter, total FUA increased by AUD 8.0 billion, comprising net flows of AUD 4.1 billion and positive market movements of AUD 3.9 billion.

Quarterly net flows of AUD 4.1 billion marked a first-quarter record for the company and exceeded the June 2025 quarter outcome. Excluding pension payments of AUD 0.3 billion, total FUA net flows for the period were AUD 4.4 billion. On a trailing twelve-month basis, total FUA net flows reached AUD 15.8 billion, setting a new twelve-month high.

Product and Platform Activity

Managed Accounts recorded a record quarter, with net flows of AUD 1.6 billion, up 49.4% from the previous quarter. Managed Account funds under management increased to AUD 25.7 billion, reflecting year-on-year growth of 32.6%. Managed Funds also expanded, rising 23.0% on the prior corresponding period to AUD 3.8 billion.

Total funds under management across the platform reached AUD 29.5 billion, up 31.3% year on year. The ratio of Managed Account funds under management to total FUA increased to 21.3% at the end of the quarter, compared with 20.3% in September 2024. During the quarter, 44 new Managed Account models were added to the platform.

Account Growth and Service Expansion

The total number of accounts increased by 5,146 during the quarter, representing growth of 3.2%, to reach 167,380 accounts at 30 September 2025. Non-custodial FUA exceeded AUD 1.0 billion for the first time and was 82.4% higher than the prior corresponding period.

Netwealth also progressed several strategic initiatives, including a partnership with FinClear to enable individual HIN data and trading access. Additional developments included progress toward the launch of Netwealth Private for high net worth and ultra-high net worth clients, and the rollout of enhanced trading services for domestic and international bonds.

The September 2025 quarterly update highlighted continued activity across Netwealth’s platform, products, and adviser relationships. The Buy rating from Canaccord Genuity, together with the reported FUA and net inflow figures, positions Netwealth in focus as it continues into the new financial period.