NWL +0.75%: Delivered another decent quarterly update with solid flows and decent account growth in the period.
- Funds under administration (FUA) rose 7.1% q/q to $120.8bn
- Net inflows of $4.1bn (+8.3%)
- Member accounts lifted +3.2% to 167,380
The stock has had a decent pullback from its highs in August around $38 and continues to demonstrate the scalability of platform businesses – sticky client relationships, expanding margins and consistent inflows thanks to the structural shift toward utilizing technology to deliver financial advice.
MM is bullish toward NWL ~$31
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