HUB24 platform inflows grow 36%

HUB24 has seen net inflows on its platform in the March quarter of $2.6 billion, up 36% from $1.9 billion in the previous corresponding quarter last year.

In an announcement to the Australian Securities Exchange (ASX), HUB24 said this brought total inflows for the FY22 financial year so far to $9.3 billion. Average monthly net inflows were $1 billion, up 65% from $0.6 billion for FY21.

Over the three months to 31 March, the firm said total funds under administration were $68.3 billion which comprised of platform funds under administration of $51 billion and portfolio, administration and reporting funds under administration of $17.3 billion.

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“HUB24’s value proposition continues to resonate with growth in net inflows and a strong pipeline of new opportunities across all customer segments including large licensee clients, brokers, boutique advice practices and self-licensed advisers. This quarter 21 new distribution agreements were signed and the total number of advisers using the platform is now up 3,432,” it said.

During the quarter, the company acquired Class and the company said full results for Class would be reported in July. A search for a new Class chief executive was underway following the departure of Andrew Russell and Jason Entwistle was acting on an interim basis.

The firm was also working on a combined Class and HUB24 product initiative. 

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