NWL -7.84%: Hit hard today after their quarterly Funds under Administration (FUA) update showed slowing growth, though certainly not helped by a soft session on the broader market. FUA increased by $1.6b to $72b, driven by $2.1b of net inflows with a small detraction from a soft market. This was down by ~35% on the prior quarter though which had the market guessing that the easy fruit ahs been picked and inflows become harder from here, particularly given the comment that outflows were elevated in the quarter blamed on investor concerns on the outlook. It was a similar story for FUM which increased $0.5b despite $0.8b of net inflows.
MM is neutral NWL
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