HUB24 posts record platform inflowsBY ANDREW MCKEAN | TUESDAY, 19 JUL 2022 12:47PM
Read more: HUB24, Tim Steele, Andrew Alcock, CBOE Australia, Class Limited
HUB24 has posted its June quarter results, the wealth management group posted record platform annual net inflows of $11.7 billion, up 31.7% from the previous corresponding period (PCP).
Total funds under administration (FUA) was $65.6 billion as of June 30.
The FUA sum comprised of $49.7 billion (up 19.9% from the PCP) and portfolio, administration and reporting services of $15.9 billion (down 7.7% from the PCP). HUB24 attributed the lesser portfolio, administration and reporting services FUA figures to market movements.
In a statement, HUB24 said: "During the quarter advisers have been focussed on supporting their clients through recent market volatility as well as ensuring they have met their regulatory obligations for ongoing advice fee consent requirements which are now in force."
This quarter, 33 new distribution agreements were signed and the total number of advisers using the platform is now 3486 (up 13.8% from the PCP).
The wealth management platform added that its flexible approach to supporting advisers to create efficiencies in their business would continue to ensure a strong pipeline of new opportunities across all customer segments. This includes large licensee clients, brokers, boutique advice practices and self-licensed advisers.
Further, HUB24's latest available strategic insight data show that it maintained second place for annual net inflows. The wealth management platform also increased its market share to 5.1% as of March 2022. It's also ranked first in terms of percentage growth in platform FUA year on year.
In the Q4 FY22 result, HUB24 also gave investors a business update where it said that its digital reporting feature which enables advisers to customise client presentations in real-time is now live.
HUB24 also said that during the Q4 FY22 period, a range of ETFs and listed managed funds available on CBOE Australia were added as investment options on HUB24 invest. An additional international markets trade processing window was implemented as well to provide Australian advisers with more flexibility in accessing US and European markets.
This update comes after HUB24 recently announced the appointment of Tim Steele as chief executive of Class Limited, which the group acquired in February.
Steele will join the HUB24 group executive reporting to the group's chief executive officer and managing director Andrew Alcock, starting August 1.
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