HUB24 had $80.3 billion in total funds under administration (FUA) as of 30 June 2023, an increase of 22.5 per cent versus the previous corresponding period (pcp).
In a quarterly update to the ASX on Tuesday, the firm indicated that its platform FUA jumped by 26.2 per cent on the pcp to $62.7 billion, while its portfolio, administration, and reporting services (PARS) FUA rose by 11.1 per cent to $17.6 billion.
Platform net inflows fell by 14.7 per cent to $2.1 billion compared to the pcp but HUB24 asserted that this result was still solid considering ongoing economic uncertainty and its impact on investor sentiment.
“This is resulting in softer flows across the market, particularly into IDPS and the increased use of off platform term deposits. Superannuation flows continue to be strong, being less impacted by the economic cycle,” the firm said.
HUB24 noted it continues to rank in first place in the industry for quarterly and annual net inflows, according to the latest Plan for Life data. The firm held a 6.05 per cent market share as of the end of March 2023, up from 5.1 per cent a year earlier, ranking in seventh place.
Regarding the announced transition with Equity Trustees of approximately $4 billion of FUA over the next 18 months, HUB24 said the agreement of key terms had been completed.
“HUB24 will provide custodial platform administration and technology solutions for EQT and AET trustee services clients with the first migrations expected to occur in 1HFY24,” the firm said.
The firm also stated it had continued to invest in enhancing its platform offer during the last quarter to deliver “choice, flexibility, and efficiencies” for advisers and their clients.
“New data feeds and automation capabilities were added to the platform, enabling advisers to report on clients’ off platform investments including the most widely used Australian bank cash management account and term deposits, listed securities, managed funds, and direct property,” HUB24 said.
“By leveraging HUB24’s data and technology expertise, this enhancement delivers efficiencies for advisers and seamlessly integrates with HUB24 Present, the platform’s market-leading reporting capability to provide a more complete view of wealth for advisers and their clients.”
HUB24 reported that 4,011 advisers were using its platform during the June quarter, up 15.1 per cent when compared to a year earlier.
The firm declared that its pipeline remains “strong” across all customer segments, having signed 28 new distribution agreements “including some large boutique advice practice opportunities, where HUB24’s innovative product solutions and customer service proposition are resonating with licensees and advisers”.
HUB24 is scheduled to publish its annual results on 22 August.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.