Which platform has seen the greatest FUA growth?
Reviewing the results for FY25, Money Management explores which listed platform has seen the strongest growth over the 12 months.
Over the 12-month period to 30 June, HUB24 now has the largest funds under administration at $136.4 billion.
However, it was Netwealth which reported the greatest year-on-year growth with an increase of 28 per cent from $88 billion in June 2024 to $112.8 billion.
Praemium has a FUA of $64.3 billion, up 12 per cent from $57.4 billion in June 2024.
HUB24
HUB24 said its FUA comprises $112.7 billion in the platform and $23.7 billion in portfolio, administration and reporting services (PARS). Platform FUA was divided between 87 per cent in retail assets and 13 per cent in institutional ones. Over the financial year, net inflows were $19.8 billion, which it said is up 25 per cent on the prior corresponding period.
“Our record FY25 net inflows and ongoing momentum reflect strong customer advocacy. Operating in structurally growing markets driven by demographic trends and compulsory superannuation, HUB24 is well-positioned for continued growth, supported by a strong pipeline of opportunities from new and existing relationships.”
Netwealth
In its results, Netwealth said FUA rose by $24.8 billion in the fourth quarter to end the year at $112.8 billion, which comprised $15.8 billion in net flows and $9 billion in market movement. Funds under management ended at $27 billion, primarily concentrated in managed account products which accounted for 96 per cent of the flows.
“FUA inflows were driven by consistently high transition rates from existing financial intermediaries and strong conversion rates of new business from a broad range of client groups and segments,” the firm said.
Praemium
Praemium reported its FUA grew 12 per cent to $64.3 billion, with growth largely stemming from Spectrum inflows. Separately managed accounts (SMA) under Praemium’s control increased from $11.3 billion to $12.9 billion (up 12 per cent), while Powerwrap reported a growth of 6 per cent for the year with $13.4 billion in FUA.
Praemium chief executive Anthony Wamsteker said: “The June quarter was noteworthy for continuing strong inflows to our recently launched IDPS solution – Spectrum. We are pleased with the sales pipeline and ongoing interest in this product. Spectrum has closed the product gap which we believe was preventing us from achieving the full potential of our high-quality technology offering.”
Earlier this month, the Money Management Advice Tech Review Survey by Agile Market Intelligence ranked Netwealth and HUB24 as among the best platform for usage, satisfaction and client segment alignment.
HUB24 led the way in user experience, innovation and product depth, while Netwealth ranked as the best for cyber security and adviser training.
Netwealth also emerged as the most versatile provider, topping seven of the nine client categories including retirement, high-net-worth clients and business owners, while HUB24 was praised for its offering for younger accumulators.
AUTHOR
Laura Dew
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