HUB24 has reported record annual inflows of $4.95 billion for the 2020 financial year, which it says has been driven by clients ditching "incumbent platforms" for the specialist provider.
Its funds under administration lifted 24% for the FY20 to hit $17.2 billion, despite negative market movements bleeding $600 million from the platform.
In the June quarter alone, HUB24 experienced net inflows of $1.1 billion (up 11% compared to the same period last year), while its gross inflows for the quarter were up 7% at $1.6 billion.
HUB24 also signed 34 new licensees to the platform during the quarter, including financial advice firm Count, a large national broker, boutique licensees and self-licensed advisers.
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"Net inflows were at record levels for a June quarter with momentum building following a softer month in April as advisers adjusted to the COVID-19 environment," HUB24 said.
"Inflows continue to be driven by client transitions from incumbent platforms, including strong inflows from both key accounts and broker clients."
Flows have already commenced from some of the new licensees, HUB24 said, with its distribution team both actively seeking out new client relationships as well as working with the platform's large key accounts to leverage growth opportunities.
The specialist provider also added 20 new managed portfolios to its menu during the quarter, including ClearView Wealth portfolios, Australian share portfolios and diversified ETF portfolios.
High net worth specialist Powerwrap also released its results for the June quarter, with the platform reporting its FUA increased by $515 million from the March quarter and $351 million for the financial year.
Despite Powerwrap signing two new service agreements during the quarter, its net inflows fell during the June quarter (from $66 million in the March quarter to $35 million in June).
"The net flows expected from existing and new clients in the quarter did not occur, largely due to impacts of COVID-19 and extreme market volatility," Powerwrap said.
"It is currently expected that the slowdown in flows experienced over the quarter represents a delay in the previously expected rate of growth rather than permanently lost opportunities."
The business was cashflow positive for the quarter, with Powerwrap holding $15.6 million in cash reserves at 30 June.
Client cash balances on the platform also remained elevated at approximately 10%, Powerwrap said, resulting in the provider receiving strong cash margins from these holdings.
Powerwrap also noted the recently announced $55.6 million off-market takeover bid from Praemium had been positively received by its clients; with the platform set to provide shareholders with additional information on how to accept the offer tomorrow.
The offer comprises of 7.5 cents in cash and one Praemium share for every two Powerwrap shares (priced at 26.44 cents per Powerwrap share).
It comes only a few days after shares in specialist platform provider Netwealth soared nearly 16%, following the release of its results for the quarter and financial year.
Netwealth reported a 35% increase in FUA to $31.5 billion, as well as record net inflows of $9.1 billion for the FY20.
Netwealth had $7.3 billion in funds under management at June 30, recording net inflows of $500 million for the quarter, including inflows of $400 million into managed accounts.