Netwealth Group's (ASX:NWL) funds under administration in the fiscal fourth quarter came in slightly under expectations, with the results showing the material impact of outflows from ultra high-net-worth clients during the period as well as slowing momentum in managed accounts funds under administration, according to a Thursday note by Jarden.

It adjusted its fiscal 2027 net flow forecast to be AU$18.9 billion from AU$19 billion, reflecting a slight reduction in its custodial forecast offset by a stronger non-custodial flow forecast. It also reduced the fiscal 2027 earnings-per-share forecast by 0.7%, the fiscal 2028 forecast by 1.2%, and the fiscal 2029 forecast by 1.7%.

While the firm benefits from a material private wealth opportunity, Jarden said it remained cautious on it in the near term.

The investment firm retained its neutral rating on Netwealth and decreased the price target to AU$24.70 from AU$25.