Company Reports

Formerly known as Austock Group, Generation Development Group has diversified its operations across the wealth management sector through three businesses. The first is the provision of investment bonds and annuities—tax-effective products that complement superannuation—via Generation Life, Australia’s largest investment bond provider. The second is providing investment research and ratings, which services fund managers, super funds, and advisors through Lonsec, a major research house alongside Morningstar and Zenith. The third is asset consulting and managed accounts, formed through the integration of Lonsec and Evidentia’s managed account business, which offers tailored solutions for advisory practices and their clients.

Generation Development's underlying fiscal 2026 NPAT rose 21% as the business continued to gain market share across all business lines. Shares fell 16% following the result.

Generation posted a 35% and 30% annual funds under management growth in its investment bond and managed account businesses in March 2026, with research subscribers up 12%. However, shares fell as much as 22% intraday.

Formerly known as Austock Group, Generation Development Group has diversified its operations across the wealth management sector through three businesses. The first is the provision of investment bonds and annuities—tax-effective products that complement superannuation—via Generation Life, Australia’s largest investment bond provider. The second is providing investment research and ratings, which services fund managers, super funds, and advisors through Lonsec, a major research house alongside Morningstar and Zenith. The third is asset consulting and managed accounts, formed through the integration of Lonsec and Evidentia’s managed account business, which offers tailored solutions for advisory practices and their clients.

In the first half of fiscal 2026, Generation Development delivered broad-based growth, with underlying net profit after tax rising 63%, driven by growth in funds under management. Management expects second-half NPAT to exceed the first half. Underlying EBIT margin, however, shrank to 29% from 31%.

Formerly known as Austock Group, Generation Development Group has diversified its operations across the wealth management sector through three businesses. The first is the provision of investment bonds and annuities—tax-effective products that complement superannuation—via Generation Life, Australia’s largest investment bond provider. The second is providing investment research and ratings, which services fund managers, super funds, and advisors through Lonsec, a major research house alongside Morningstar and Zenith. The third is asset consulting and managed accounts, formed through the integration of Lonsec and Evidentia’s managed account business, which offers tailored solutions for advisory practices and their clients.

Formerly known as Austock Group, Generation Development Group has diversified its operations across the wealth management sector through three businesses. The first is the provision of investment bonds and annuities—tax-effective products that complement superannuation—via Generation Life, Australia’s largest investment bond provider. The second is providing investment research and ratings, which services fund managers, super funds, and advisors through Lonsec, a major research house alongside Morningstar and Zenith. The third is asset consulting and managed accounts, formed through the integration of Lonsec and Evidentia’s managed account business, which offers tailored solutions for advisory practices and their clients.

Generation Development Group saw volume increases across all three segments for the first quarter of fiscal 2026. Funds under management grew in managed accounts and investment bonds, while the research ratings business also saw growth in products researched.

Formerly known as Austock Group, Generation Development Group has diversified its operations across the wealth management sector through three businesses. The first is the provision of investment bonds and annuities—tax-effective products that complement superannuation—via Generation Life, Australia’s largest investment bond provider. The second is providing investment research and ratings, which services fund managers, super funds, and advisors through Lonsec, a major research house alongside Morningstar and Zenith. The third is asset consulting and managed accounts, formed through the integration of Lonsec and Evidentia’s managed account business, which offers tailored solutions for advisory practices and their clients.

Generation Development Group's underlying net profit after tax for fiscal 2025 increased 170% to AUD 30 million, partly supported by acquisitions. EBITDA margin grew to 38% from 25%.

Formerly known as Austock Group, Generation Development Group has diversified its operations across the wealth management sector through three businesses. The first is the provision of investment bonds and annuities—tax-effective products that complement superannuation—via Generation Life, Australia’s largest investment bond provider. The second is providing investment research and ratings, which services fund managers, super funds, and advisors through Lonsec, a major research house alongside Morningstar and Zenith. The third is asset consulting and managed accounts, formed through the integration of Lonsec and Evidentia’s managed account business, which offers tailored solutions for advisory practices and their clients.

Generation's fourth-quarter fiscal 2025 update saw record investment bond sales, funds under management growth, and the completion of integrating Evidentia and Lonsec's managed account business with 100% client retention.

Formerly known as Austock Group, Generation Development Group has diversified its operations across the wealth management sector through three businesses. The first is the provision of investment bonds and annuities—tax-effective products that complement superannuation—via Generation Life, Australia’s largest investment bond provider. The second is providing investment research and ratings, which services fund managers, super funds, and advisors through Lonsec, a major research house alongside Morningstar and Zenith. The third is asset consulting and managed accounts, formed through the integration of Lonsec and Evidentia’s managed account business, which offers tailored solutions for advisory practices and their clients.

We initiate coverage on Generation Development Group, which operates across three business lines in Australia’s wealth management industry: investment bonds and annuities, research and ratings services, and managed accounts solutions.