HUB24 breaks through $100bn FUA

HUB24 platforms Andrew Alcock

16 April 2024
| By Laura Dew |
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In the most recent quarter, platform HUB24 has reported $100 billion funds under administration.

Covering the three months to 31 March, the platform said platform net inflows were $3.5 billion, up 90 per cent on the prior corresponding period. 

Total FUA reached $100 billion, comprising platform FUA of $79.7 billion and portfolio, administration and reporting services of $20.3 billion.

The FUA was helped by the inflows which included $0.8 billion from the first tranche of the migrations from Equity Trustees and positive market movements of $3.7 billion.

Some 85 per cent of platform FUA came from retail while 15 per cent came from institutional.

“The strong March quarter is a good indication of market sentiment and pipeline in the lead-up to the end of the financial year.”

The total number of advisers using the platform increased to 4,382, up 17 per cent on the prior corresponding period when it had 3,748. 

It noted the platform’s high net worth offering had been enhanced with the addition of non-custodial administration and reporting capability for directly held client assets, which is in a pilot stage. This delivers streamlined administration of these investments and enables a “whole of wealth” view. 

HUB24 Discover, its offering for low-balance clients which was launched last November, had been “well received” by advisers. This offering targets early-stage wealth accumulators and later-stage retirees with less complex needs. 

“HUB24 Discover, launched in November 2023, has been well received by advisers and their clients with FUA growing to $75 million as at 31 March 2024. It is resonating well with advisers and their clients as a solution for those with less complex needs.”

It said it remains confident in meeting its FY25 platform FUA target of $92–$100 billion, thanks to record quarterly inflows, market-leading products and a strong pipeline with new and existing adviser relationships. 

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