In an ASX listing on Tuesday, HUB24 reported a funds under administration (FUA) record of $100 billion at the end of March, marking growth of 30 per cent from the previous corresponding period.
Platform FUA stood at $79.7 billion as at 31 March, up 34 per cent on the year, while portfolio, administration and reporting services FUA added 16 per cent to $20.3 billion.
“The strong March quarter is a good indication of market sentiment and pipeline in the lead-up to the end of the financial year,” the firm said.
Platform net inflows stood at $3.5 billion, up 90 per cent from the same period last year, comprising $2.7 billion and $0.8 billion from the Equity Trustees (EQT) migration program.
HUB24 noted the EQT migration of approximately $4 billion of FUA is progressing to plan with $0.8 billion migrated during the quarter, and $1.7–$3.0 billion of additional FUA expected to migrate in Q4 FY2024 with the balance in 1HFY25.
The total number of advisers using HUB24’s platform increased to 4,382 in the first quarter, up 17 per cent on the prior corresponding period when it had 3,748.
It noted the platform’s high-net-worth offering had been enhanced with the addition of non-custodial administration and reporting capability for directly-held client assets which is in a pilot stage. This delivers streamlined administration of these investments and enables a “whole of wealth” view.
HUB24 Discover, its offering for low-balance clients which was launched last November, has been “well received” by advisers, the firm said.
“HUB24 Discover, launched in November 2023, has been well received by advisers and their clients with FUA growing to $75 million as at 31 March 2024. It is resonating well with advisers and their clients as a solution for those with less complex needs,” HUB24 said, adding it remains confident in meeting its FY25 platform FUA target of $92–100 billion.
Elaborating further the first quarter results, the firm said “strong equity markets have supported positive market movements and strong trading activity during the quarter which will benefit revenue”.
