Netwealth's Lack of Switching Costs Means Price-Based Competition Is a Threat
We have maintained our earnings forecasts and AUD 5.30 fair value estimate for Netwealth following its second-quarter trading update which was in line with our expectations. Funds under management and administration, or FUMA, fell by 1% versus the prior quarter but were impacted by particularly weak equity markets, including a 9% fall in the S&P/ASX 200 index. Excluding market movements, FUMA grew by 4.8%, versus the prior quarter but we expect the 15% fall in net FUMA inflows was the main c...New Tel Limited. Develops and sells mobile data communications products and advanced engine enhancement componentry which included the Transcom Natural Gas Vehicle System (NGVS) and Sprintex Supercharger products. Telecommunications accounted for 93% of fis 2001 revs; Vehicle Engine Systems, 7%.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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