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HUB24 FUA up on acquisitions

The platform has recorded a significant increase in funds under administration (FUA) as it integrates its recent acquisitions into the business.

HUB24's total FUA has reached $51.4 billion with Xplore Wealth contributing $17.2 billion to this figure.

Platform FUA is up 136% on the previous corresponding period at $25.6 billion. The platform recorded $1.9 billion in net inflows, up 41% on March 2020 and $200 million higher than the previous quarter.

The platform recorded 28 new licensee agreements with large boutiques and self-licensed practices throughout the March quarter.

The acquisition of Ord Minnett's Portfolio, Administration and Reporting Services (PARS) contributed $9.3 billion in PARS FUA and combined with Xplore's took FUA to $15.8 billion.

Regarding the Xplore acquisition, HUB24 noted the Xplore team has transitioned across to join HUB24 and are now operating under HUB24's corporate governance model, with both teams working together to build a future operating model.

HUB24's combined market share has now increased by 1.85% to 4.3% as at December 2020. The teams are now distributing products to new and existing clients.

"Distribution and product teams are now aligned to leverage the collective capability and functionality across Xplore and HUB24 to progress product solutions and offers for existing clients and new client segments," HUB24 said in a statement.

"The combined product solutions are already being offered to new prospects."

Further to this, HUB24 has completed its proportional takeover offer of Easton Investments and now has a 31.5% stake.

As such, HUB24 has a technology partnership and distribution agreement with Easton whereby HUBconnect Insight will be rolled out to Easton during the fourth quarter.

Read more: HUB24PARSXplore WealthEaston InvestmentsOrd Minnett