S&P/ASX 200 Index (ASX: XJO) stock Netwealth Group Ltd (ASX: NWL) is in the red today.
Shares in the ASX 200 investment platform provider closed Friday at $30.79. In morning trade on Monday, shares are changing hands for $29.53 apiece, down 4.09%.
For some context, the ASX 200 is up 0.19% at this same time.
Here's what happening.
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ASX 200 stock slides despite 'milestone'
Investors have yet to bid up the ASX 200 stock following the release of Netwealth's December trading update.
Among the highlights, the company reported what CEO Matt Heine called "a major milestone". Namely, Netwealth exceeded $100 billion in Funds Under Administration (FUA) on its 25th anniversary.
As of 28 November, the funds comprise $99.5 billion of custodial FUA, with $700 million of non-custodial FUA.
For FY 2025 year-to-date, the ASX 200 stock has achieved total FUA net inflows of $6.6 billion and market movement of $5.6 billion.
The company said its flagship Managed Account had exceeded $20.6 billion, citing support from industry adoption, which continued to accelerate.
Helping drive interest in the company, Netwealth also recently launched a new online experience for advisers and investors.
What did management say?
Commenting on the results that have helped boost the ASX 200 stock over the recent months, but not so much in early trade today, Heine said, "Today marks our 25th anniversary, and we are excited to announce that we have also reached a major milestone exceeding $100 billion Funds Under Administration."
Heine added:
Fittingly, today also marks the next evolution and launch of our new online platform experience which provides a modern, intuitive and interactive interface that will support the next chapter of our growth.
Twenty-five years ago, Netwealth was incorporated by our founder and director, Michael Heine, with a vision to create an innovative online wealth management platform.
In 2007, eight years later, thanks to a number of early supporters, we achieved our first billion dollars of FUA and today, as we continue our mission to improve the financial futures of one million Australians, we are proud to administer 100 times that on behalf of our investors and Superannuation members.
Netwealth share price snapshot
As you can see on the price chart up top, the ASX 200 stock remains a top performer despite today's retrace.
At $29.53 cents apiece, Netwealth shares are up almost 100% since this time last year. Longer-term, the Netwealth share price has gained around 270% over five years.
