HUB24 sees 141% growth in platform FUA

HUB24 saw record quarterly net inflows of $3.9 billion in the last quarter, which meant total funds under administration grew to $58.6 billion.

In a statement to the Australian Securities Exchange (ASX), the firm said the quarterly net inflows comprised of $2.2 billion from the HUB24 platform, $1.4 billion from ClearView Wealth and $0.3 billion from Xplore Wealth.

Annual net platform inflows increased by 80% to $8.9 billion compared to the previous corresponding period while the average monthly net inflow, excluding large transitions, was $627 million, up 52% from the previous year.

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Total platform funds under administration were $41.4 billion, a 141% rise from $17.2 billion year ago, while the total funds under administration were $58.6 billion.

It signed 26 new licensee agreements during the last quarter, predominantly with self-licenced advisers or advice practices who were part of advice aggregators which meant the total number of advisers using the platform grew by 48% in the financial year.

Yesterday, the firm announced two appointments of Darren Stevens as chief product officer and Catherine Kovacs as a non-executive director and it said there were future appointments in place.

“Given HUB24’s significant growth in FY21, the expansion of our product and service offerings and the opportunities available in the market, HUB24 is investing to support growth,” the firm said.

“The company will be expanding the executive team, hiring additional distribution team members and investing in technology infrastructure to support scale and ongoing innovation.”

The firm had also seen share price growth of over 100% in the past year thanks high adviser satisfaction plus a transfer of $1.4 billion in funds under administration from ClearView’s WealthSolutions Super, LifeSolutions Super and WealthSolutions IDPS for custody and administration.

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