HUB24 has seen quarterly net platform inflows of $5 billion, helped by a $1.8 billion migration from Equity Trustees (EQT).
In a quarterly update for the three months to 30 June, the platform said this compared to $3.5 billion in the previous quarter and $2.1 billion in the prior corresponding period.
Excluding the EQT migration, Q4 net platform inflows were $3.2 billion and negative market movement was $0.3 billion. HUB24 said the flows led annual platform net inflows to stand at $15.8 billion.
It was announced in April 2023 that HUB24 had entered into a heads of agreement with EQT to provide custodial platform administration and technology solutions for EQT and Australian Executor Trustees (AET) clients. This would cover staged large transitions totalling $4 billion over 18 months.
HUB24 said the EQT migration was progressing, with $1.8 billion migrated during the most recent quarter and $2.6 billion in total to date. The volume of total migration has since been increased from $4 billion to $5 billion; HUB24 said this is scheduled to migrate in the first half of FY25.
In an ASX statement, the platform said: “This strong June quarter rounds out a record year of net inflows for FY24 of $15.8 billion (up 62 per cent on prior corresponding period) reflecting HUB24’s continued market leadership, strong customer relationships and proven ability to successfully deliver large, complex migration. Excluding large migrations, record net inflows of $11.4 billion were achieved (in line with FY22).
“HUB24’s proposition continues to resonate with advisers and licensees delivering a strong pipeline of opportunities.”
The number of advisers using the HUB24 platform rose from 4,011 in June 2023 to 4,525 in June 2024. The firm said it was seeing a “strong pipeline of opportunities from both new and existing adviser relationships”. It also signed 29 distribution agreements during the quarter.
Total funds under administration (FUA) reached $104.7 billion which comprised platform FUA of $84.4 billion, and portfolio, administration and reporting services (PARS) FUA of $20.3 billion. This follows the platform passing $100 billion in FUA for the first time in the March quarter, helped by the EQT migration and positive market movement.
The platform has said it is “confident” it will meet its FY25 platform FUA target of $92–100 billion.
