HUB24 posts record Q1 net inflows
HUB24 has posted quarterly net inflows of $638 million, which represented a 19.3 per cent growth and the highest on record for a first quarter, with the split of 74 per cent being received into HUB24’s retail products and 26 per cent into white-label versions of the platform.
Gross inflows for the quarter stood at $935 million, the company said.
Additionally, HUB24 benefitted from the trend which showed that specialist platforms had collectively overtaken traditional institutional platforms by achieving a 67 per cent share of market inflows annually.
At the same time, funds under administration (FUA) grew 50.5 per cent year on year to $9.1 billion.
During the quarter, the company managed to introduce 92 new advisers to the platform while 18 new licensees agreements were signed.
Further, HUB24 continued to roll out customised products for Fitzpatricks Private Wealth and announced the upcoming addition of Challenger annuities to HUB24, while launching an additional insurance option on the HUB24 platform.
According to Strategic Insights data, as of 30 June HUB24 had achieved third place, on a quarterly basis, with 22.9 per cent market share of net inflows and an overall market share of one per cent.
AUTHOR
Oksana Patron
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
