HUB24 is targeting platform FUA of up to $100 billion by FY25 as it looks to build the ‘platform of tomorrow’.
In the firm’s full-year results for the year to 30 June, it said total funds under administration were $80.3 billion, up 23 per cent on FY22.
This comprised of platform FUA of $62.7 billion and portfolio, administration and reporting services FUA of $17.6 billion.
The firm said it is now targeting achieving $92-100 billion in platform FUA by FY25.
The number of active advisers using the platform increased to over 4,000, up 15 per cent, and 113 new distribution agreements were signed. Average adviser FUA on the platform was $116 million and 7 per cent had more than $50 million.
Platform revenue was $208.8 million, up 30 per cent on FY22.
In an ASX statement, the firm said: “FY23 has been another successful year for the HUB24 group with strong FUA growth and operational scale, delivering a significant uplift in financial results and increasing profitability.
“The HUB24 platform achieved industry-leading net inflows in the context of ongoing market volatility and uncertainty in the macroeconomic environment and there has been a strong start to FY24 with net inflows ahead of the Q4 FY23 run-rate.
“The HUB24 group remains focused on maintaining our market leadership today whilst creating the platform of tomorrow and together with other industry participants build the future of the wealth industry.”
