HUB24 has reported $2.8 billion of platform net inflows for the December quarter, down 23.6 per cent from the record inflows seen in the previous corresponding period (pcp) while remaining broadly flat compared to Q1 FY23.
Average monthly net inflows for the financial year to date were reported to be $960 million, which HUB24 said was broadly in line with the previous financial year.
“In the context of current market dynamics and macroeconomic events, the business has achieved a strong 1H FY23 with $5.8 billion of net inflows as at 31 December 2022 (down 13.6 per cent on pcp),” HUB24 said in an update released to the ASX on Tuesday.
HUB24’s total funds under administration (FUA) sat at $73.0 billion as of 31 December, a 6.8 per cent increase compared to the pcp.
This included platform FUA of $55.8 billion, which was up 11.7 per cent on the pcp and included positive market movement of $1.6 billion for the quarter.
Meanwhile, the firm’s portfolio, administration and reporting services (PARS) FUA was down 6.3 per cent on the pcp to $17.8 billion due to negative market movements.
“HUB24’s market leadership position and focus on delivering innovative solutions continue to resonate with our clients, with growth from net inflows and a solid pipeline of opportunities across all customer segments including large national licensees, brokers, boutique advice practices and self-licensed advisers,” the firm said.
The pilot program for HUB24 SMSF Access, which launched last quarter and is designed for advisers to meet the needs of clients who are keen to access the benefits of a cost-effective SMSF solution, continued during Q2 FY23.
“The product is being adapted based on adviser feedback and new agreements are in progress with licensees to broaden the pilot, with a progressive rollout scheduled for 2H FY23,” HUB24 said.
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.