NWL reported 2Q21 FUA of A$38.8bn, +14% for the quarter and +36.1% on pcp. Quarterly net inflows were A$2.56bn, up 33.7% on 1Q21 and down 11% on the pcp. Excluding the ANZ Private transition, net inflows were +18% on pcp. FY21 net inflow guidance was increased to A$8.5-9bn (from A$8bn). Inflows to starting FUA represent ~30% annualised FUA growth. We view NWL as a high-quality business, but fully valued at the current price.