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HUB24 platform net inflows up 36%
HUB24 platform net inflows up 36%
The investment platform has released its March quarter FY22 results.
On Tuesday, 19 April, HUB24 reported platform net inflows of $2.6 billion; an increase of 36.4 per cent on the previous corresponding period (pcp) of March 2021.
Year-to-date net inflows are reported at $9.3 billion as of 31 March 2022.
Total funds under administration (FUA) also increased on pcp to $68.3 billion, up 33 per cent due to substantial increases to platform FUA (up 43.3 per cent to $51 billion) and portfolio, administration and reporting services (PARS) FUA (up 9.7 per cent to $17.3 billion).
Meanwhile, HUB24 added 30 more advisers to its platform for the March quarter, bringing the total to 3,432.
“The company continues to invest in enhancing our offer and delivering value to advisers and their clients,” a statement released on Tuesday read.
"HUB24’s market-leading digital reporting feature which enables advisers to customise client presentations in real time, delivering engaging and efficient client reviews has been in pilot, and following positive adviser feedback the solution will be rolled out to all advisers from mid-May.
“We’re committed to providing advisers and their clients with investment choice and flexibility, during April a range of ETFs and listed managed funds available on CBOE Australia (formerly Chi-X) will be added as investment options on HUB24 Invest.”
HUB24 has also confirmed that, following its successful acquisition of Class Limited in February, the search for a new CEO of Class has commenced.
HUB24’s director of strategic development, Jason Entwistle, will continue as interim CEO and managing director throughout the process.
About the author
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
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