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Netwealth Group Ltd. ( (AU:NWL) ) just unveiled an update.
Netwealth Group Limited has lodged an application for financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 due to the collapse of the First Guardian Master Fund (FGMF), which has impacted 1,088 members with a total exposure of approximately $101 million. The application aims to restore the affected members to their pre-fraud positions, although the timing and outcomes of the Minister’s decision remain uncertain. The Australian Securities and Investments Commission (ASIC) is investigating the fraudulent conduct that led to these losses, and Netwealth is cooperating with all relevant stakeholders to achieve the best financial outcomes for its members.
The most recent analyst rating on (AU:NWL) stock is a Buy with a A$41.50 price target. To see the full list of analyst forecasts on Netwealth Group Ltd. stock, see the AU:NWL Stock Forecast page.
More about Netwealth Group Ltd.
Netwealth Group Limited operates in the financial services industry, primarily providing superannuation and investment solutions. The company focuses on offering a platform for superannuation funds and investment products, catering to individual investors and financial advisers.
Average Trading Volume: 602,608
Technical Sentiment Signal: Buy
Current Market Cap: A$7.81B
For detailed information about NWL stock, go to TipRanks’ Stock Analysis page.