HUB24 hits $100bn milestone

HUB24, which owns Xplore Wealth, Class, and myprosperity, surpassed the $100 billion milestone at the end of March.

Some $79.7 billion in FUA, up 34% year on year, came directly from the platform. Its Portfolio Administration and Reporting Services' (PARS) FUA of $20.3 billion grew 16% over the year.

The recently launched HUB24 Discover, which targets advised clients with smaller amounts of investible assets and later stage retirees, recorded an FUA of $75 million.

"The incremental platform revenue margin on market movements can be lower than the total Platform revenue margin due to the tiered pricing of administration fees and the impact markets can have on the percentage of FUA held as cash," HUB24 said.

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"This percentage has been lower over the quarter compared to the average during 1HFY24."

There are now 4382 financial advisers using the platform, the total growing 17% year on year.

In February, HUB24 launched a prototype of the new Class and NowInfinity client portal. The platform also signed 42 new distribution agreements in the quarter.

Last April, HUB24 partnered with Equity Trustees to provide custodial platform administration and technology solutions. This transitions some $4 billion in FUA, of which $800 million migrated during the quarter.

Between $1.7 billion and $3 billion of FUA is due to migrate in the June quarter.

Investment Trends named HUB24 as the best full-function platform in 2023, narrowly beating Netwealth.

Praemium, BT Panorama, and Mason Stevens were also recognised for superior platform functionality.

The report also commended AMP North as the "most improved" platform, following its introduction of a broad range of enhancements.