(NWL -13.66%) Platforms were in the firing line today after ANZ gave Netwealth notice of their deposit agreement. the arrangement saw NWL receive 95bps over the cash rate for cash holdings on client funds on their platform, of which NWL would take a clip before passing on the remainder. With cash rates at historic lows, and ANZ in no desperate need to pay overs on cash holdings, they elected to provide Netwealth with the 12 months notice to terminate the agreement. Netwealth is in talk with other deposit takers, though its unlikely they will see such favourable terms elsewhere, which also put the other platforms on notice. Hub24 (HUB) was off -13.99%.
We prefer HUB over NWL, though on the sidelines for now.
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