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HUB24 FUA up by a third

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HUB24 recorded a 34 per cent rise in funds under administration during the financial year from the year prior, to $17.2 billion, with record annual net inflows of $4.95 billion.

The platform provider saw its funds under administration (FUA) increase by $2.1 billion during the quarter, including market movement of $1 billion. 

The June quarter was somewhat of a rebound following a softer month in April as financial advisers adjusted to the COVID-19 environment. 

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Net inflows for the June quarter were $1.1 billion, 11 per cent higher than the prior corresponding period. 

The inflows were driven by client transitions from incumbent platforms, including influxes from key accounts and broker clients. 

HUB24 had signed 34 new licensee agreements during the quarter, with 110 new advisers using its platform. 

More than 2,000 (2,066) advisers are now using the platform, up from 1,625 the year before.

It had also added 20 new managed portfolios to its platform menu, including the ClearView Wealth portfolios, Australian share portfolios and diversified ETF portfolios.

The company reported its platform market share increased to 1.94 per cent, from its previous 1.3 per cent in March 2019.

 

HUB24 FUA up by a third
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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