Adviser Innovation logo
Adviser Innovation logo
Advisor Inovation logo
Platform group sees inflows soar
Platform group sees inflows soar

Platform group sees inflows soar

author image
By Sarah Simpkins ·
April 21 2021
Platform group sees inflows soar

Platform group sees inflows soar

A listed platform provider has seen its funds under administration more than triple in the 12 months to March following a swathe of acquisitions.

Platform group sees inflows soar
Platform group sees inflows soar
nestegg logo

HUB24’s total funds under administration (FUA) now sits at $51.4 billion, including the newly acquired Xplore Wealth, which contributed $17.2 billion.

The total has more than tripled from March 2020, up by 236.7 per cent.

Xplore’s team has now transitioned across to join HUB24, with the merged entity working on building its future operating model. The company is already offering combined product solutions to new prospects.

HUB24 has also completed its acquisition of 31.5 per cent of Easton Investments and Ord Minnett’s portfolio, administration and reporting services (PARS) segment.

Advertisement
Advertisement

Platform FUA had shot up by 136 per cent from the prior corresponding period (pcp), to $35.6 billion as at the end of March. Xplore contributed $11.2 billion to the total.

The portfolio, administration and reporting services (PARS) segment on the other hand had $15.8 billion in FUA, including $6 billion from Xplore. The shift was especially significant year-on-year, from $156 million in March 2020.

The platform provider saw $1.9 billion in net inflows during the March quarter, 41 per cent more than the pcp.

The Xplore acquisition had nearly doubled the company’s market share in the platform landscape, with it Strategic Insights reporting the combined firms held 4.3 per cent as at December, including 1.8 per cent from Xplore.

HUB24 had signed 28 new licensee arrangements during the March quarter, with it now being used by 2,758 advisers – a 41 per cent jump from the pcp.

The company has also hinted at its deal with IOOF, with development of its private-label investment and superannuation offer expected to be complete in the last quarter of the year.

HUB24 is also working with Aberdeen Standard Investments on a bionic advice solution. It has built a product, HUB24 Access, to support the digital customer engagement and advice tool.

Join the debate to improve the issues that surround affordability and accessibility within the advice industry at ifa’s brand-new event, ifa Future Forum.

Join your peers to uncover game-changing industry solutions to pave the way for solving the problem of accessibility and affordability. Utilise your extensive knowledge to formulate ideas and help futureproof advice. Register your free place now! ifafutureforum.com.au

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook.
Find us on Twitter for the latest updates

Subscribe to our Newsletter

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

latest articles