HUB24’s total funds under administration (FUA) climbed to $82.72 billion during the September quarter, an increase of 21.0 per cent compared to a year earlier.
In a quarterly update to the ASX on Tuesday, HUB24 reported that its platform net inflows jumped by 34.7 per cent versus the June quarter, reaching $2.80 billion.
While down 6.3 per cent on a year earlier, HUB24 said the inflows were “broadly in line” with the pcp and represented a “strong start” to the financial year.
“This is an improvement over previous quarters and is pleasing, given the ongoing macroeconomic environment. HUB24’s opportunity pipeline is also strengthening and during the quarter 41, new distribution agreements were signed,” the firm said.
Platform FUA increased by 24.3 per cent to $65.09 billion, while portfolio, administration and reporting services (PARS) FUA lifted by 10.3 per cent to $17.64 billion.
HUB24’s market share has risen to 6.3 per cent, according to the latest data published by research firm Plan For Life, up from 5.4 per cent as at 30 June 2022. HUB24 noted that it is currently ranked second for quarterly and annual net inflows.
In an update, HUB24 said that the transition of approximately $4 billion of FUA is continuing to progress, with the first transition planned to be completed in the March quarter.
HUB24 also reported that the number of advisers using its platform reached 4,026 during the September quarter, up 10.6 per cent on a year earlier. This growth rate was down slightly on the previous quarter, when the firm declared a 15.1 per cent jump to 4,011 advisers.
The firm has announced that it will soon introduce a new platform option called “Discover”, a move, which the firm said will allow it to meet the needs of lower balance advised clients.
“Discover, designed in conjunction with portfolio managers, provides a streamlined selection of managed portfolios in a cost-effective platform and investment solution and extends HUB24’s reach to this part of the market,” the firm said.
The firm also highlighted its new collaboration with Allianz Retire+ to launch Allianz Guarantee Income For Life (AGILE) on the HUB24 platform later this year.
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.