Money Management takes a look at which of the three listed investment platforms has enjoyed the highest funds under administration (FUA) growth for FY25’s first half.
The month of February saw Netwealth, HUB24 and Praemium all announce their financial results for the first half of the 2025 financial year.
Read below to see which platform is the winner for highest growth over the six months to 31 December 2024 and what each company is focused on for the future.
HUB24
HUB24 reported the highest FUA rise for the half-year period with a growth of 33 per cent, from $91.2 billion in the first half of FY24 to $120.9 billion.
The FUA growth was underpinned by record half-year platform net inflows of $9.5 billion, up 31 per cent, from $7.2 billion in the prior corresponding period. This was thanks to large migrations of $1.5 billion and positive market movements of $5 billion.
Given strong net inflows and market movements during 1H25, alongside a pipeline of opportunities across all customer segments, HUB24 upgraded its platform FUA target to a range of $123–$135 billion for FY26, from a previous range of $115–$123 billion.
“Our platform market share continued to increase driven by growth from both new and existing licensees and advisers, while we reported high rates of growth in new advisers using the platform which will support future growth,” said Andrew Alcock, HUB24 managing director and chief executive.
The platform was also named by Investment Trends as the top platform for overall functionality for the third consecutive year.
Netwealth
Closely behind HUB24 was Netwealth, which reported a growth in its FUA of 30.2 per cent, from $78 billion to $101.6 billion.
FUA net flows were $8.5 billion, some 80.2 per cent higher than the $4.7 billion reported in the first half of FY24. This was thanks to two consecutive quarters of record net flows, Netwealth highlighted, with $4 billion in the September quarter and $4.5 billion in the December quarter.
Speaking on its results webinar, Netwealth CEO Matt Heine highlighted private assets as a “huge opportunity” for the business amid its focus on servicing high-net-worth investors and high-value customers.
“We’re certainly seeing movement, so if we look at our own books and a number of these discussions that we’re having where we’ve either been successful moving across or will be, it’s institutional accounts where they’ve been on more traditional custody platforms which have got limited functionality and can be quite expensive. We’re seeing family offices moving significant money across [to Netwealth] where they may have historically invested directly, whether locally or internationally,” he said.
Praemium
Meanwhile, Praemium saw its FUA increase by 29 per cent, from $48.3 billion to $62.1 billion, during the six-month period.
The platform reported half-yearly net flows of $510 million, comprising inflows of $426 million from its SMA offering, inflows of $18 million from Powerwrap, inflows of $69 million from Spectrum, and outflows of $3 million from OneVue.
Praemium’s chief financial officer, David Coulter, said non-custodial solutions are an area of interest for the platform where it is seeing “reinvigorated growth”.
“The pipeline remains very strong with continued engagement and success with stockbroking clients. We absolutely dominate the market in this space and we are looking to continue that dominance,” Coulter commented.
“We are on the look out for accretive acquisition opportunities in non-custodial solutions where we are particularly interested. We believe we can add more value to clients and can grow strongly in this part of the market.”
