Business
Is it time to buy HUB24 (ASX:HUB) and Netwealth (ASX:NWL) shares?
Thursday was a day to forget for the HUB 24 Ltd (ASX: HUB) share price and the Netwealth Group Ltd (ASX: NWL) share price.
The shares of these wealth management platform providers fell 14% and 13.5%, respectively, following the release of an announcement out of the latter.
What was the announcement?
Netwealth announced that its agreement with Australia and New Zealand Banking GrpLtd (ASX: ANZ) in relation to the interest payable on the total pooled cash transaction account will be terminated in 12 months.
The agreement currently provides a margin of 95 basis points above the overnight cash rate.
While no comments were made in relation to why it was being terminated, it appears as though the bank felt this was a bit rich in…
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