Wealth & Asset Managers: Jun-26 mark-to-market

Research evidence excerpt

Wealth & Asset Managers: Jun-26 mark-to-market

Macquarie Equity Research

02 July 2026

Financial Services

Wealth & Asset Managers: Jun-26 mark- Australia

to-market

Key Points ElizabethMiliatis SophieBolton

• We mark-to-market the wealth and asset managers in our coverage,

including HUB, NWL, GQG, PPT, MFG and QAL.

• Strong global markets supported upgrades across most Platform FUA

and AM FUM balances, except for GQG and MFG given weaker flows.

• We upgrade HUB to Outperform, with PPT, NWL and QAL also rated

Outperform. We retain Neutral on GQG and Underperform on MFG.

• Equity and bond markets stronger, while AUD remains a headwind:

Equity markets were broadly stronger over the Jun-26 quarter, led by

the US (+14.9%) and Europe (+10.0%), while Australia lagged global peers

with the ASX200 up +3.5%, broadly in line with the UK (+3.2%). Bond

markets were mixed, with Australian aggregate bonds up +2.7%, while

US aggregate bonds were broadly flat/down modestly (-0.2%). The AUD

strengthened across key crosses, appreciating against the EUR (+1.9%),

USD (+1.2%) and GBP (+0.5%), which remains a headwind for Platforms/

Managers with offshore earnings exposure.

• Wealth Platforms – OP rating for both HUB/NWL: Strong global equity

and bond markets underpinned strong mark-to-market FY26E FUA

upgrades for both NWL (+4.2%) and HUB (+3.9%), resulting in robust

FY27E EPS increases of +8.5% and +5.9%, respectively. With HUB trading

at a PEG of 2.2x equivalent to a ~20% discount to its 5yr average, we

upgrade our rating to Outperform. With NWL trading at PER of 2.0x,

equivalent to a ~30% discount to the 5yr average, coupled with potential

upside risk from the HIN/broker opportunity and with First Guardian

risks now behind us (although likely somewhat still in the price), we prefer